The Portuguese left his post after more than two years with the Owls shortly after their Championship defeat to Middlesbrough earlier this month which left the club 15th in the table and facing an uphill battle trying to make it three play-off campaigns in a row.
Their inconsistency has continued with Lee Bullen in temporary charge, with a 3-0 victory away at Nottingham Forest being followed by a 2-0 loss on Saturday to Brentford.
But while they may now find themselves 11 points off the play-off spots, The Sun reports that they are planning an ambitious move in their pursuit of their next manager, with Villas-Boas currently on their radar.
The 40-year-old - who, of course, previously managed in England, with spells with Chelsea and Tottenham - is currently out of work after leaving Shanghai SIPG in November, but he bizarrely would not be available to take another job until the end of January.
The Sun reports that Dejphon Chansiri will have to bide his time - something he is willing to do - as AVB is taking part in the Dakar Rally and may not be available for much of the next month.
Given Villas-Boas' reputation in the game - he most notably led Porto to the Europa League crown in 2011 - it would undoubtedly be a massive coup for Wednesday if they managed to tempt him to return to England for a Championship side.
But it would also be a gamble to put all their eggs in one basket with Villas-Boas. January could perhaps be a crucial month for the Owls, and if Villas-Boas turns them down if they do indeed make an approach, they may potentially have virtually no time left in the window to get their new manager in and allow that person to get some of their signings through the door.