Ibrox side Glasgow Rangers have been one of the most active teams in Britain over the transfer window to date.
Ross Wallace has a year left on his current deal at Sheffield Wednesday.
The Owls have had several injury issues to deal with in recent weeks.
Sheffield Wednesday have a number of players whose permanent contracts expire this summer.
The Owls dominated their match against Burton Albion, but couldn't find a way to secure the three points.
The Argentine was at his dazzling best as Sheffield Wednesday thrashed Norwich City.
Sheffield Wednesday look to be in with an excellent chance of qualifying for the Championship play-offs.
Nottingham Forest host Sheffield Wednesday at the City Ground this afternoon.
This victory may not take up too much room on Sheffield Wednesday’s end-of-season DVD when it comes to entertainment but the scale of it must not be understated.
Sheffield Wednesday sit outside of the play-offs on goal difference.