Wednesday boss Jos Luhukay refused to confirm or deny whether the Championship club have been placed under a transfer embargo for breaching Financial Fair Play regulations.
The Owls, who have spent heavily in the last few seasons, bringing in players such as Jordan Rhodes, Almen Abdi, Fernando Forestieri and Gary Hooper, have not made any signings this summer.
And it has been claimed the EFL have placed the Owls under an embargo whilst they investigate the club's financial affairs.
Asked if the club are under an embargo following Wednesday's 3-1 pre-season friendly defeat to Villarreal, Luhukay said: "I don't know.
"For me, it is important that I have trust in my team and players. We have now worked five weeks together. I trust my team and players so I'm not unhappy."
When pressed on whether Wednesday are in a position to sign players on loan or on a permanent basis, Luhukay said: "I can't say anything about that. It is not my position to answer these questions."
The Dutchman also refused to comment on whether the Owls have to sell before they can buy.
Asked if he is frustrated by their lack of transfer business, Luhukay said: "This is the first time, after 22 years as a manager, that I work with the same team from the start of pre-season to the new season but it is how it is.
"I must respect the situation.
"I try to have patience, and I have trust in the way I work with my team every day. That gives me the motivation to work very intensively with them. Hopefully, we can find a good start to the season and have success with each other."
As for outgoings, Luhukay said the Owls have yet to receive a "concrete" offer for any of their players, including Keiren Westwood. The experienced goalkeeper, who was left out of the Villarreal clash, is attracting the interest of second-tier rivals Stoke City.
"There is speculation," he said. "When there is something concrete, we can say something. At the moment, it is not a concrete situation.
"It is pre-season time. The transfer window is open until August 9 so you will always have speculation until then. When there is something concrete, we can give the message. Only when the window closes, do you know exactly what team you have."
When the The Star put the claims to the EFL, they told us they do not comment on the matter of transfer embargoes.