The Owls had been hoping that the 32-year-old would be able to strengthen their promotion bid in the Championship.
Sheffield Wednesday will have to pursue other targets if they hope to bolster their attacking ranks before the loan window's closure after the Sheffield Star reported that the Owls had given up on trying to sign Bournemouth striker Glenn Murray.
The Star claims that the Owls are long-time admirers of the forward, having tried to sign him just before he joined Reading on loan in 2014 and, once again, earlier this season.
The news may be a blow to Carlos Carvalhal as he looks to strengthen his attacking options before the play-off race in the Championship reaches its climax.
Although Murray has not been given too many opportunities at Dean Court this season - he has started just six games in the Premier League with his other 13 appearances in the top flight coming from the bench - he has an impressive record in the second tier with both Crystal Palace and the Royals.
While Murray's record in the Championship may have made him a valuable option to have for the final games of the season, Wednesday already boast tremendous depth going forward so should be able to cope without the Cherries striker.
Gary Hooper and Fernando Forestieri have been prolific during their first seasons at Hillsborough, while the likes of Atdhe Nuhiu and Lucas Joao have helped make the Owls the second highest scorers in the division, only behind league leaders Burnley.