Toral has been sensational for the Championship side this season.
The 20-year-old was forced off with a knee injury during the first-half of the Blues' last game against Bristol City following a challenge from Nathan Baker. And while Rowett admitted that he cannot be sure of the extent of the damage, he hinted that he may not be sidelined for long.
"The good thing with those types of injuries, if there is a good thing, is if you look at how it happened, and then he carried on for six or seven minutes afterwards and was moving ok," Rowett told the club's official website.
"But, the more the knee swells up the more it restricts the movement around it and he then had to come off.
"That hopefully shows there is no structural damage to his knee and it's just hopefully a case of trying to get the swelling down.
"He's one that would still have a chance for this weekend, but again until the swelling goes down you don't quite know the extent of the damage."
Having the Spaniard - who is on loan from Arsenal - available for the clash against the Owls will be a massive boost for Rowett's side. The game against Carlos Carvalhal's men brings together two of the teams that are currently in the thick of a battle for a play-off spot in the Championship.
Although mostly utilised in an attacking midfield role, Toral is the club's top goalscorer in the league this term with six strikes to his name. And having him fit for the game against the Owls could prove crucial if the Blues hope to strengthen their own promotion push, while also weakening one of their closest rivals' charge.