While big-money signings aren't likely to be an option, the Owls could still get their hands on some quality players, and will also look to use the loan market to bring in exciting young footballers from top tier clubs. For now, here's all the latest news and transfer gossip from the Championship.
1. Woods seals fresh Millwall loan
Millwall have completed the loan signing of Stoke City midfielder Ryan Woods, who will remain with the Lions for another season after impressing during a temporary spell in the latter half of the 2019/20 campaign. (Club website) Photo: Lewis Storey
2. Baggies front-runners to land Muriqi
West Bromwich Albion could be set to win the race Fenerbahce striker Vedat Muriqi, with the newly-promoted side understood to have expressed a greater interest than Spurs and Napoli in the €20m-rated star. (Sport Witness) Photo: OZAN KOSE
3. Luton skipper urges double swoop
Luton Town skipper Sonny Bradley has urged the club to bring Spurs' Cameron Carter-Vickers and Aston Villa's James Bree back for next season, but admitted that the decision will rest with the players. (Luton Today) Photo: David Rogers
4. Royals keen on Portuguese talent
Reading are ready to go head-to-head with Spanish side Almeria to sign Sporting CP's promising striker Pedro Mendes, who has scored 16 goals for the second XI this season. (A Bola) Photo: PATRICIA DE MELO MOREIRA