The Owls already have a number of new faces in the door and are busy working on others, with all focus now on giving themselves the best-possible chance of a return to the Championship at the end of this season.
Everyone knows how Wednesday had Eric Cantona on trial, but what about the tales surrounding a handful of other European legends that never quite made it to S6, the £5m bids that went untouched and the request for a world record fee?
In the first instalment of our flick-through guide to the transfers that never quite came off for whatever reason, we journey through Manchester United icons, Celtic legends and Rangers favourites.
How nice would it be to have Wednesday linked with players of this calibre once again?
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1. Wednesday have gone after some big names in their time..
..but not many were dragged over the line. How about the likes of Jaap Stam, Paul Gascoigne, Henrik Larsson and Alan Shearer? Let's take a look.. Photo: via Getty
2. Henrik Larsson
In the wake of Paolo Di Canio's infamous push of referee Paul Alcock back in the 1998/99 season, Wednesday went in search of a striker. Among the names that emerged was Celtic legend Larsson, who is believed to have been the subject of a £2m bid. It was given short shrift by the Scots and he went on to do OK - pulling on the shirts of little-known clubs such as Barcelona and Manchester United. Photo: Alex Livesey
3. Eric Cantona
The one that everybody knows about, of course. The ins and outs of exactly what happened are debated, but Cantona spent time with Trevor Francis' Owls and went as far as to pull on the blue and white shirt in an indoor exhibition match against touring side Baltimore Blast. Legend has it Francis asked him to stay on and train an extra week - he went on to Leeds and then Manchester United. Photo: Getty Images
4. Paul McGrath
Ahead of a 1989/90 season that ultimately led to relegation, Ron Atkinson's Owls were looking for reinforcements at the back and the manager went to his old hunting ground for answers. Manchester United quoted £400k for McGrath, which Big Ron felt he couldn't take the gamble on given McGrath's dodgy knees. Villa stumped up the cash in full and Wednesday signed Peter Shirtliff instead. Photo: Clive Brunskill