Dejphon Chansiri, the Wednesday owner, has confirmed the club are under a transfer embargo after breaching the English Football League's profitability and sustainability regulations.
Speaking at an intense and at times heated fans' forum last night, Chansiri revealed the club have been operating under a 'temporary embargo' since April.
Chansiri said Wednesday are in regular dialogue with the EFL and is hopeful the situation will be resolved "soon".
"I hope in a few days," he said. "I think we have a positive (solution), which I cannot say (at the moment). When we are 100 per cent, I will tell you what happened."
You have to go back to January for the last time the Owls signed a player. Joey Pelupessy remains Jos Luhukay's solitary addition since his surprise appointment as boss.
Chansiri conceded it will be "difficult" to bring in more reinforcements before the summer transfer window shuts on Thursday but said the club "maybe" able to dip into the loan market, which is open until the end of August.
On the possibility of the embargo being lifted, Chansiri said: "If we have a good positive answer, maybe I can bring players. If we don't have a good positive (answer), maybe I need to do something.
"I don't know our direction yet."
The P&S regulations, which were introduced at the start of the 2016-17 campaign, state clubs cannot exceed losses of £39m over a three-year period or they will face penalties from the governing body.
Wednesday, in their most recent financial accounts, revealed losses more than doubled to £20.765m in the 2016-17 season.
Chansiri, who has invested heavily in strengthening the first-team squad since buying the Owls in 2015, said: "I told you we were going to have FFP (Financial Fair Play) problems if we didn't go up last season.
"Some people, maybe more, say I spend (money) not wisely on players which I disagree.
"I spent money to stay in the Championship and give us more potential to go up."
Should Wednesday, who slipped to a 3-2 defeat at Wigan Athletic in their opening league fixture last weekend, fail to secure promotion this term, Chansiri has warned the club will have "big, big problems" with P&S in the 2019-20 campaign.