The South Yorkshire club are languishing in 16th position in the Championship after losing six of their last eight matches.
Disgruntled Owls supporters turned up the heat on current boss Jos Luhukay, chanting 'We want Jos out" on multiple occasions in the second half of Saturday's 4-2 thumping at Blackburn Rovers. The majority of the 3,500 plus travelling fans in the Darwen End called on the board to axe Luhukay.
Defeat to Blackburn prompted Waddle, who enjoyed a fine spell at Hillsborough as a player between 1992 and 1996, to question the direction the club are heading in onÂ Twitter on Saturday night. He went on to claim the club's fan-base "deserve better" and later said: "I want the Wednesday job."
The tweet was later deleted, but the 57-year-old feels the Owls should be challenging in the upper reaches of the division.
In a recent interview with The Star, Waddle said: "I look at Wednesday's squad and the minimum they should be looking at is getting in the play-offs.
"Yes, the manager has introduced some youngsters but they have an experienced squad and players who have played in the Premier League.
"Wednesday are mid-table right now but can go on a run and put themselves back in the play-offs mix because the league is very open.
"If you ever wanted to pick a season to get out of the Championship, it is this year. "But if you can't keep clean sheets on a regular basis, it is hard to win football matches."
Waddle, capped 62 times by England, has little managerial experience. He was player-manager as Burnley narrowly staved off the threat of relegation from the second division in the 1997/98 season.
But his last coaching role came 19 years ago when he was reserve team coach at Wednesday.
Waddle, a talented, skilful winger during his playing days, has carved out a successful career as a pundit.
Despite Wednesday's poor run of form, Luhukay insists he will not quit.
"I have the responsibility and I walk not away from that," he said. "I believe in this team and I hope we soon have a better period."