Fernando Forestieri has not travelled with his Owls teammates to Norwich City, fuelling speculation he could be set to leave Hillsborough.
The striker, who bagged 15 goals for Wednesday last season, is attracting the interest of Championship rivals Derby County and Newcastle United.
The Rams had an offer of around £7m turned down for Forestieri earlier this week. It is understood Derby are contemplating tabling a second bid.
Forestieri joined Wednesday for an undisclosed fee, thought to be in the region of £3m, from Watford in August 2015. He has been a big hit with the fans and a key figure in the Owls' march to the Play-Off final last season.
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Speaking 48 hours ago, head coach Carlos Carvalhal stressed none of his Owls stars would be sold.
He said: “I will make this very clear, we are not selling players.
“We are buying players. You can ask what you want, but I will answer the same: Sheffield Wednesday is not selling any player.
“Not just Fernando, any player. We are trying to buy or loan players, not sell. That’s very clear."