Jack Hunt and Jordan Rhodes have already left the Championship club as Wednesday seek to cut their cloth accordingly after three years of big spending.
But it is understood the Owls need to further reduce the size of their squad in the club's quest to comply with Profitability and Sustainability regulations.
Greek side Panathinaikos have expressed an interest in signing Steven Fletcher, although the striker's reputed wages of around Â£30,000 per week could prove a major stumbling block in a potential dela.
Luhukay told The Star: "I have trust in this team but you never know what can happen.
"We know how things work in football. Today is a positive situation but maybe tomorrow will be another situation which isn't so positive. Football is unpredictable sometimes.
"The transfer window is open until August 9 so we must wait to see what happens in the next weeks."
Defender Hunt moved to Bristol City in a Â£1.6m deal and striker Rhodes joined Norwich on a season long-loan, with the Owls receiving around a Â£1m loan fee from the Canaries.
It was hoped their departures would potentially give Luhukay extra funds to play with to revamp his team
But the Dutchman insists his immediate focus is on improving the players at his disposal.
"When the transfer window is open, anything can happen," stressed Luhukay.
"But we only have the focus on every day working with our team and what we have.
"We are working intensively to bring this team in a good progression."