Hooper joined Wednesday on a permanent contract from Norwich City in January 2016 following a loan spell at the Hillsborough Stadium from the Canaries.
The former Celtic striker scored six goals and provided three assists in 17 starts for the Owls during the second half of the 2016-17 campaign.
So far this season, the 29-year-old has scored seven goals in 10 Championship starts for Wednesday.
Wednesday winger Wallace, 32, has praised Hooper and told The Star: “We see Hoops every day in training. His finishing is incredible.”
“I definitely think Hoops is one of the top strikers in this division,” added Wallace. “When he’s on his game, he’s unplayable at times. He’s strong, very clever with his hold up play and scores goals.”
Wednesday are 12th in the Championship table at the moment with 16 points from 11 matches.
The Owls, who finished in the playoffs for the past two seasons, are four points behind sixth-placed Preston North End.
Carlos Carvalhal’s side will return to action next weekend when they take on Bolton Wanderers away from home at the Macron Stadium in the Championship.
Wednesday’s performances and results so far this season have been mixed, but the fans should be optimistic about the team ending up in the playoffs yet again this campaign.