Wolves boss Kenny Jackett suggested that McDonald has a future at Molineux last week, but interest is rising in the former Sheffield United man.
And Jackett admitted: "There has been some interest and all parties are considering it at present.
"It’s something that’s come out of the blue – he hasn’t expressed any desire to leave."
Fulham were the first Championship club to announce their interest in signing McDonald this summer, but Wednesday are now reportedly willing to pounce.
Carlos Carvalhal’s side are looking to add depth to their squad as they aim to go one step further than last season and earn promotion.
Wednesday made it all the way to the play off final last term, before losing to Hull City.
The Owls now see McDonald as the ideal candidate to bolster their midfield, with Carvalhal set to be backed with funds this summer.
McDonald has previously been a standout player for Wolves, but he fell out of favour at the Midlands side towards the end of last season - with both Jack Price and George Saville jumping ahead of him in the selection order.