The Chelsea defender, who made 38 appearances while on loan at Wednesday last season, is into his last year of his contract at Stamford Bridge.
After four consecutive loan moves without playing a single competitive fixture for the Blues, it is believed his parent club are keen on negotiating a transfer for the Jamaica international.
Overnight Owls supporters unfurled a Jamaica flag outside Hillsborough demanding the board ‘Bring Back Big Hec’.
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Caretaker boss Lee Bullen told The Star last week that “there is a chance” the Owls could sign Hector but admitted that the financial implications of the move would could make it difficult.
It is unclear whether the impending sale of forward Lucas Joao, for between £5m and £7m, will ease this difficulty.
Bullen said: "Michael loved his time here. But we’re also mindful of financial aspects of every sort of deal that we’re looking at.
“He’s well-liked here by supporters. But, obviously, he’s coming from a mega club in Chelsea, who have a valuation on their players.
“If we can fit that into what we’re doing then I’m sure it’s something that the chairman will look at.
“If it’s something that’s financially not right for the club, then we’ll have to look at other opportunities."
The transfer window closes at 5pm on Thursday.