Derby County, Sheffield Wednesday and Aston Villa have been linked with George Boyd.
It has been reported that Boyd will undergo a medical at Wednesday on Monday and will then join the Owls for pre-season training.
Championship rivals Derby County and Aston Villa are also reported to be interested in the 31-year-old Scottish winger.
According to The Daily Mail (Transfer Live blog, 14:06), Boyd has agreed a two-year contract with the Owls, who narrowly failed to win promotion to the Premier League at the end of last season.
The former Peterborough United and Hull City winger will move to Wednesday on a free transfer as his contract with Burnley has finished.
Boyd would be a good signing for Wednesday, who will be aiming for automatic promotion to the Premier League next season.
The winger knows the Championship well, and since he is 31 years of age, handing him a two-year contract would make sense.
Receive exclusive football transfer news and updates twice a week to your mailbox
