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But The Star understands that owner Dejphon Chansiri remains as committed as ever to Wednesday and has no plans to sell the club.
The Thai businessman purchased the Owls in March 2015, ploughing multi-million pounds into turning Wednesday into a second-tier force.
The Owls came within a whisker of securing promotion in the first year of Chansiris premiership. They reached the Play-Off final, losing 1-0 to Hull City in the Wembley showpiece.
Wednesday missed out again the following year in the play-offs, with Huddersfield Town defeating them on penalties in the semi-finals.
Despite more lavish spending in the transfer market, the Owls under-performed last year, finishing in 15th position.