Aston Villa were reportedly the number 1 choice for former Leicester City owner, Mandaric.
Sheffield Wednesday were recently taken over by Dejphon Chansiri and he has the supporter of former owner Milan Mandaric.
New owner Dejphon Chansiri saw his side dominate the possession and shots on goal stats on Tuesday night, but Wolves still ran out 3-0 winners.
Sheffield Wednesday chairman Milan Mandaric admits former loan star Lewis McGugan is on 'target list', with manager Stuart Gray looking for new recruits.
After overseeing Sheffield Wednesday's promotion to the Championship, Milan Mandaric received a text from Harry Redknapp, with whom he had been cleared of tax evasion charges.