The Portuguese's current deal with the Championship side expires at the end of the season, according to reports.
According to the Star, the Portuguese's current contract expires at the end of the season. And while Owls fans may be hoping that he will soon put pen to paper on a new deal, Carvalhal attempted to play down talk regarding his future.
"My contract is not important. What's more important are the players and that we win games," he told the Star.
While the Championship side have agreed new deals with the likes of Sam Hutchinson, Barry Bannan, Glenn Loovens and Atdhe Nuhiu in recent weeks (via Star), Wednesday supporters will surely be just as keen to see Carvalhal extend his stay at Hillsborough, such is the impact he has had during his first season with the club.
Although they endured a slow start to the campaign, they have now established themselves as one of the main contenders for a play-off spot. And should they defeat Burnley on Tuesday - which will be a tough ask with the Clarets currently third in the table - they will move above Birmingham, and into the top six.
And if Wednesday can go on and confirm a play-off place this season, then the Wednesday hierarchy will surely be desperate to ensure that the manager who got them there is tied down for longer.