Middlesbrough's Adam Reach (right)
Reach impressed on loan to Preston North End last season, but is set to find his first team chances limited by the signing of Denmark international Viktor Fischer from Ajax.
Reach scored four goals for Preston last season
The Express & Star reported this week that Wolves transfer business will likely be put on hold pending the outcome of a proposed takeover deal thought to involve Chinese billionaire Robin Li, who is also in talks to buy AC Milan (Mirror).
And that could leave Wednesday and Derby fighting it out for Reach.
It wouldn't be the first time the two sides have engaged in battle this year, with both launching January bids for ex-Reading striker Nick Blackman, who eventually plumped for the Rams.
Blackman (left) in action against Wednesday
According to the Express & Star, Middlesbrough would demand in excess of £2 million to take Reach on a permanent basis.