Lopez spent last season on loan to Sheffield Wednesday from Celta Vigo.
The Spanish midfielder has been told he can leave Celta Vigo.
Celta coach has told Lopez he is free to leave.
The Owls came within one game of getting promoted out of the Championship.
The Celta Vigo loanee is returning to Spain at the end of the season.
Sheffield Wednesday face a selection dilemma ahead of Saturday's play-off final date with Hull City.
The Spanish midfielder is on loan from Celta Vigo.
Sheffield Wednesday got the better of Brighton & Hove Albion in the first leg of the Championship semi-final playoff tie on Friday.
Sheffield Wednesday's Alex Lopez played in all seven of the Yorkshire side's matches in April.
The Spaniard was in top form for the club once again.