The Bristol City goalkeeper grew up supporting the Owls.
The boyhood Wednesdayite was released by the club 2012 and has since played for Chesterfield, Walsall, Wigan Athletic and now City.
O'Donnell, who was part of a Robins side which beat the Owls 4-1 last month, will return to Hillsborough for the first time on Friday - to watch the first leg of the Championship play-off semi-finals.
When asked by Sheffield Live TV host Alan Biggs if he ever entertains the hope of rejoining his former club, the 27-year-old replied: "Yeah, I think so.
"I would never say I wouldn’t go back there, in terms of I could get there.
"I think I’ve gone the long way round in trying to get there, but I’m looking forward now and trying to build on what I’ve achieved - over the last couple of years especially.
"If there’s a chance I could ever go back there it’s obviously something I wouldn’t pass up."
O'Donnell only moved to Bristol City in January, when the Robins were 22nd in the Championship.
However, the Sheffielder quickly established himself as an ever-present as the West Country club climbed to an eventual placing of 18th - 12 points clear of the bottom three.
Wednesday, meanwhile, secured their highest finish for 16 years (sixth), and welcome Brighton & Hove Albion to Sheffield 6 on Friday.
The Owls, who finished seventh in the first ever Premier League campaign, dropped out of the top flight at the turn of the millennium.