But despite those suggestions, Reach hinted that he is ready to see out the rest of the season with Wednesday first.
The 17th-placed Championship side occupied a play-off spot as recently as four weeks ago.
Wednesday's financial situation could yet dictate Reach's future, however, with substantial bids likely to be considered as the Owls battle to comply with the EFL's Profit and Sustainability rules.
Reach, who was a rumoured target for Wolves before his £5 million move to Hillsborough two years ago, has scored or assisted seven goals in 16 games for Jos Luhukay's side this season - catching the eye with four long-range strikes.
Could Wolves, or someone else, lure the 25-year-old away from Sheffield Wednesday in January?