The 38-year-old Bristol Rovers man, who sealed the fourth promotion of his career courtesy of a remarkable 7-0 win on the last day of the season, is out of contract this summer as the club prepare for their return to League One.
And their manager Joey Barton wants to see Whelan, who famously achieved promotion from the third tier with Wednesday in 2005, continue on into next year at least.
An extension of his deal would line up a return to Hillsborough with Rovers. Whelan played 142 league matches for the Owls across a four-year period between 2004 and 2008.
Speaking after promotion was sealed, Barton said: “He lost his mum this year in the midst of the run we were on. We were away at Swindon and he wasn’t with us. She was a big instigator in his football career in driving him on.
“I genuinely thought he was outstanding against Scunthorpe. I can’t remember anything he did wrong. Me and Whelo played in the same youth team together and he was a much better player than I was.
“To see him play like that, I want him to play on next season but you’d have to ask his missus about that.
“But I thought he was unbelievable. His mum will be smiling down from heaven with Steve Black there as well, certainly really proud of his performance.”