Wednesday have been chasing McGeady for much of the transfer window so far, after Everton made him available.
And it seems that the Championship club have been able to force through a deal, which will highlight their ambitions this season.
Wednesday have invested heavily in their first-team squad this term as they look to mount a promotion challenge.
The Owls are currently sat just outside the play-off spaces, but McGeady’s arrival is a serious signal of intent for the months to come.
A number of teams, including Sevilla, were said to be chasing the Republic of Ireland international, but Wednesday have reportedly come out on top.
McGeady is looking to play regularly as he wants to force his way into Martin O’Neill’s Republic of Ireland squad for Euro 2016.
Wednesday have already signed Gary Hooper and Joe Bennett in a January transfer window which has been very productive so far.