Danny Mayor could leave Hillsborough this summer - a year before his contract is due to end.
The 22-year-old winger or midfield player is on an extended loan at Bury and the Shakers’ ex-Barnsley boss David Flitcroft wants to sign him fully.
Mayor was signed by Dave Jones from Preston in 2012 on a three-year deal but has never established himself in the Owls team.
Stuart Gray said; “Danny has done very well at Bury. I’ve been in dialogue with David Flitcroft; they’re wanting to make it permanent.
“I’ve just said ‘let’s get the season out of the way before I make a decision.”
Wednesday have taken a similar stance over the members of their squad whose deals end this year.
Gray says that the club will address the issue of these players’ futures when Championship safety is mathematically sure. They are Chris Kirkland, Reda and Jermaine Johnson, Anthony Gardner, David Prutton, Jose Semedo, Adam Davies, Martin Taylor, Rafa Floro, Miguel Llera, Glenn Loovens, Oguchi Onyewu and Arron Jameson.
Mayor is a regular in the Bury side and has scored five goals for them. He had a loan spell at another League Two club, Southend, last season.
Tomorrow’s Hillsborough match will, in common with others across the country, be preceded by a minute’s silence at 3.06pm and will kick off at 3.07, to mark the 25th anniversary of the 1989 FA Cup semi-final disaster. That match was halted at 3.06.