The Owls were previously promoted from the third tier through the end-of-season knockouts under Paul Sturrock in the 2004/05 season – and are once again tipped for success under Darren Moore.
They will play Sunderland, who finished one place below them in fifth, in the semi-final.
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And while Sky Bet makes the Black Cats favourites for Friday’s first leg at the Stadium of Light, Wednesday are still expected to progress to the final at Wembley on Saturday, May 21 and go all the way.
Punters can get odds of 15/8 for the Owls to make an immediate return to the second tier, with MK Dons second favourites at 5/2.
Sunderland are 3/1 to avoid a fifth straight season in League One, while Wycombe are 7/2 to clinch promotion.
What difference does it make?
The odds may be in Wednesday’s favour, but they are just that.
Alex Neil has won eight of his 15 matches in charge since taking over on Wearside and his team are on a 13-game unbeaten run.
Sunderland have a poor recent record in the play-offs, however, having been unsuccessful twice in their previous three seasons in League One.
Sheffield Wednesday’s last two play-off campaigns have also ended in disappointment.
They lost in the Championship play-off final at the end of the 2015/16 season and were dumped out on penalties in the semi-final against Huddersfield one year later.