The Owls find themselves in a precarious situation at the foot of the Championship, and know that they must beat Derby County to have any chance of staying up.
Wayne Rooney’s Rams are currently three points ahead of Wednesday in the table, but have an inferior goal difference.
Rotherham United are also in the running to stay up, and could do so if they beat Cardiff City and Darren Moore’s men win or draw with County.
A Derby win would ensure that Wednesday and the Millers go down.
Looking ahead to the weekend’s action for Sky Sports News, ex-Everton man Campbell outlined the crucial factors that will decide who scrapes to safety.
He said: “One, you’ve got to focus, two, you’ve got to focus under immense pressure, and three – and probably the most important – you’ve got to win.
"Those three components are key to survival.
"The team who you don’t fancy, like a Rotherham, they can win, and if Derby and Sheffield Wednesday draw, they stay up. It’s that tight.
"Whichever one of those teams you are, you just have to concentrate on your game, and let the chips fall where they may.
"Win your game, perform, and then hopefully the other results will go your way.
"The worst thing is if you don’t win and the results go your way, that is going to be the most painful way of going down. Take care of your business, and then you can hold your hands up”.