The defender, on loan from Aston Villa, has failed to make an appearance since early April.
Borrowed from Aston Villa, Bennett has been undergoing rehabilitation at both clubs with the intention of playing a part in Wednesday's upcoming play-off campaign.
The 25-year-old arrived at Hillsborough in January but made only three appearances before being struck down with what he described as 'minor' ligament damage in April.
The left-back harboured hopes of featuring in the play-offs, where Wednesday face his former club Brighton & Hove Albion at the semi-final stage, but Friday's first leg is likely to come too soon.
"The brace is finally off. Won't miss that thing. Back jogging tomoz," Bennett posted on Twitter.
The brace is finally off Won't miss that thing. Back jogging tomoz— Joe Bennett (@JoeBennett27) 9 May 2016
Bennett, who is yet to concede a goal for the Owls in 270 minutes of football, has a year to run on the Villa contract he signed upon his 2012 transfer from Middlesbrough.
Despite having appeared only 38 times for his parent club since then, the Rochdale native may find himself back in contention at Villa Park after the club's relegation to the Championship.
Kieran Richardson and Aly Cissokho are both expected to depart this summer, while Jordan Amavi is recovering from an injury of his own.