Helan moved to Molineux in February but Wednesday retained a 24-hour recall clause which can be exercised any time after 28 days.
The Owls have lost left-back Joe Bennett for 'weeks' according to the player on Twitter and Bullen suspects the club will need the cover, after two games in four days for Daniel Pudil.
Twisted my knee in training yesterday. Had a scan today torn a small part of ligaments at the top of my medial. So glad it's only weeks...— Joe Bennett (@JoeBennett27) 18 April 2016
"It (Bennett's injury) is a big loss for the cover," the former Wednesday captain told BBC Radio Sheffield after the Owls' 0-0 draw with Milton Keynes Dons.
"Daniel was on his knees by the end of the game, the amount of times he got up and down that line - same with Jack Hunt because we were such in the ascendancy and on the attack all the time. The two full-backs really ran themselves into the ground.
"So to curb that we’ve got Liam Palmer as cover - Carlos [head coach Carlos Carvalhal] has no problems with switching things around. It may be that Jeremy Helan comes back from Wolves because I think we’ll need that cover."
Wednesday had winger Ross Wallace sent off against the Dons and Helan could also be used as cover in the Scot's position.
The 23-year-old, who made his eighth start for Wolves in Tuesday's 2-1 defeat to Leeds United, has been used primarily on the left of midfield by Kenny Jackett's side.
The Owls travel to Derby County on Saturday and host Cardiff City a week later, before rounding off the regular season at Molineux.
Carvalhal's men are currently six points clear of Cardiff in the final play-off position.