Wednesday are rated as 3/1 shots to land the winger - which is considerably shorter than any other club.
Both Queens Park Rangers and Middlesbrough are believed to be their closest rivals in the race for McManaman, and they are both listed as 8/1 outsiders.
There have been no concrete rumours of Wednesday’s interest in McManaman to date this transfer window, but the odds are an intriguing development.
McManaman’s future at West Brom is in doubt following the addition of Matt Phillips from Queens Park Rangers.
McManaman struggled for appearances at West Brom last season, and the competition for places at the Hawthorns is only set to increase.
Wednesday are set to invest in their squad this summer, as Carlos Carvalhal aims to guide the Yorkshire side to promotion.
The Owls made it into the play off final last term, and have hopes of going one step further next time around.