Wednesday would have to pay compensation to Scunthorpe if they were to sign centre half Niall Canavan.
The Owls are being linked with the 23-year-old who is out of contract this summer and has been a regular in the Iron’s League Two promotion campaign.
Because Canavan is under 24, he would not come free.
Scunthorpe, managed by Wednesday’s former assistant boss Russ Wilcox, have offered him a new deal.
The Owls have several irons in the fire and may be in the market for more than one centre half after parting company with Miguel Llera, Martin Taylor and teenager Taylor McKenzie, who has joined Notts County on a free.
There also remains uncertainty over out-of-contract Glenn Loovens and Oguchi Onyewu, but the Owls hope that offers will be accepted.
Canavan is one of 10 Iron men who have yet to commit themselves: they include former Wednesday players Sean McAllister, Deon Burton and Eddie Nolan, who was on loan at Hillsborough.
Wilcox said: “Agents are doing their work and players are weighing up their options. We have to be patient with that. Obviously a time comes when you need an answer.
“I hope the players can stay after the magnificent season we’ve just had and with the excitement of going up into League One. We have other options ready if the players say no.”
Wednesday keeper Cameron Dawson has made England U-19s’ 18-man squad for European Championship qualifiers. They start against Montenegro at Walsall tomorrow.