Sky Bet, sponsors of the competition, rate Jos Luhukay's side at 20/1 to finish top of the pile in 2018/19.
The Owls will be hoping to vastly improve on this season when they finished 15th and a huge 18 points shy of the play-off places.
The bookmakers seem to think another mid-table finish is a distinct possibility for Wednesday, although they are priced at 15/2 to be relegated to League One.
In terms of the race to be promoted Stoke, Swansea and West Brom, who all came down from the Premier League last season, are joint favourites at 3/1.
Losing play-off finalists Aston Villa and Middlesbrough are 7/2 respectively.