Palmer, who can operate as a midfielder or as a right-back, has made only two starts in the Championship so far this season.
The 26-year-old has been largely a back-up to Jack Hunt at right-back and has not always been in matchday squads.
The former Scotland Under-21 international, who has been on the books of Wednesday his entire professional club football career so far, played against Reading last weekend.
Palmer has admitted his frustrations at lack of playing time, but the defender has said that he has channeled it in the right way.
“Every player wants to win and play games," Palmer told The Star. “It’s frustrating when you don’t play but you have to use that frustration in the right way.
“You have to keep going and do the right things in training. It’s all about hard work and eventually that pays off. You have to keep yourself right physically and mentally. That’s all you can control.”
Wednesday have a good team, but their performances and results so far this season have been disappointing.
The Owls, who have finished in the top six of the Championship for the past two seasons, could struggle to finish in the playoffs this season if their form and results do not improve.