Head coach Stuart Gray has held talks with Wednesday chairman Dejphon Chansiri this week to thrash out a plan of attack for next season.
It is understood Gray held a meeting with the Thai businessman, who purchased the Championship club in a deal worth £37.5m at the start of March, on Tuesday to outline his plans for the future.
Gray is hoping to be given the resources to build on their 13th-placed finish in the the second-tier of English football and potentially lead a top-six challenge next term.
It promises to be a busy summer in the transfer market, which officially opens on July 1, with the Owls having released 11 players following the end of the 2014/15 campaign.
The Owls chief will need to bring in even more new faces should Chris Kirkland, skipper Glenn Loovens, midfielders Kieran Lee and Jose Semedo and forward Chris Maguire decline the club’s contract offers. Semedo has recently suggested on social media that he intends on extending his stay at the Hillsborough-based club.
An area Gray will inevitably look to strengthen is Wednesday’s forward line as they were one of the lowest scoring teams in the division last year.
Gary Madine, meanwhile, is closing in on a move to Bolton Wanderers. The striker, released by the Owls just over a fortnight ago, looks set to become Wanderers’ first summer signing.