Wednesday go into the promotion deciding fixtures as the rank outsiders to win them, with the Owls set to finish in sixth place in the second tier this season.
However, Holloway has been very impressed by Wednesday boss Carlos Carvalhal this term, and he believes that they have a good chance of being a Premier League side next season.
“I’ve had a little favourite all season, Sheffield Wednesday,” Holloway said. “I’m not saying they’re going to win it, but when Carlos Carvalhal first got this job I thought ‘who?’
“When you look at his CV it didn’t read that well. But he’s been a breath of fresh air. Every time you speak to him you don’t want him to stop. He’s been absolutely brilliant.”
Wednesday are set to face whichever team out of Middlesbrough and Brighton & Hove Albion misses out on the automatic promotion spots.
The Owls will then have to overcome the winners of Derby County’s tie against Hull City, if they make it to Wembley.
Derby and Hull are certain to meet each other in the play off semi final, and they both received backing from Sky Sports pundits.
Tony Gale believes that Derby have the best squad in the Championship, and this strength should carry them through.
“For me Derby have got the best squad. Derby should be the team that goes through,” he said. “But Sheffield Wednesday have got a fantastic chance.”
Tony Cottee, meanwhile, was of the opinion that Hull had the best chance to win the play offs due to their experience.
“I’m going to go with Hull,” Cottee added. “I think they have the players for these type of games.”