Forestieri missed the bulk of last season - which Wednesday ended in 15th place finish - through injury.
However, the Argentina born star still managed to score five goals in six starts for the Yorkshire outfit.
Wednesday's precarious financial situation means that some high-earning players may have to leave Hillsborough this summer, and as a result one bookmaker (Bet Victor) began taking bets on Forestieri's next club.
Birmingham were initially made second favourites to sign the 28-year-old - behind Fulham - although the market has since been removed.
Still, that has not quelled talk of a Blues move for Forestieri - something that would be welcomed by many.
I'd love him.— ☆ theLUMSTA ☆ (@theLUMSTA) 25 May 2018
Be great if we signed him a player we have being crying out for ages. Under monk he will be ridiculously good— Tom (@NotoriousNDoye) 25 May 2018
Wud b a great signing but think alot of clubs would be in for him.....lets wait and see— Chris Woodcock (@Chris10Woodcock) 25 May 2018
Just looked at Forestieri goals the guy knows how to score off scraps proper talent tbh— Stoney (@StoneyBCFC) 29 May 2018
Like Wednesday, however, Birmingham too have an eye on Financial Fair Play this summer, which should rule them out of the running for Forestieri.
And the thought of losing him to Blues is one that a number of Owls fans cannot get their heads round...
Well we managed nearly two weeks without some utter drivel becoming the talk of #swfc twitter. Forestieri to Birmingham? Nonsense.— Tom Taylor-Batty (@TomTB1995) 30 May 2018
Some Birmingham fans thinking they'll actually get Forestieri hahahahahahahah— Nathan (@nb_swfc) 30 May 2018
Do Birmingham fans actually think they’re getting forestieri hahahahaha #BCFC— Joe (@JT_SWFC) 30 May 2018
Are Birmingham fans actually bantering about believing they can get forestieri #swfc— Matthew (@matt_h4) 30 May 2018
Birmingham neither have the money or the draw to pull forestieri, he won’t be going to anyone unless big big money comes in or a premier league team... I think he’s happy though #swfc— Shane Levitt (@ShaneLevitt11) 30 May 2018
Can Sheffield Wednesday keep hold of Forestieri this summer? And could they lose him to Birmingham if not?