Gary Madine resumes training with the Owls tomorrow after his Hillsborough future was confirmed today.
Sacking the striker was one of the avenues open to the club but they are standing by him after his release from prison.
Madine served four months of an 18-month sentence for two separate assaults on fans in Sheffield.
He has another year left on his contract.
Wednesday chairman Milan Mandaric said today that the club condemned his actions, and further breaches of club rules would not be tolerated but the player was remorseful and they believe they can play a key part in helping him to pick up his career.
Madine has apologised and promised that he will never let the club down again.
Manager Stuart Gray revealed six days ago that a high-level meeting would be held this week to discuss the issue.
A Wednesday statememt today disclosed the outcome and said that the club would offer Madine full support “as he seeks to take positive moves forward on both a personal and professional basis.”
Chairman Milan Mandaric said: “First and foremost, Gary is remorseful and has apologised to all those affected.
“He has made some serious errors of judgement and is the first to take ownership of that situation and the consequences.
“We can only condemn his actions as a community-focused football club and make it abundantly clear that no further breach of club rules will be tolerated.
“However, we are of the belief that Gary will try his utmost to put this episode behind him, whilst never forgetting the impact of his actions.
“In addition, we firmly believe the club can play a key, hands-on role in facilitating Gary’s rehabilitation back into the professional working environment.”
Madine said: “I would like to apologise unreservedly to everyone who has suffered through my actions. I realise I let myself, my family and friends, and Sheffield Wednesday down.
“I now wish to look forward, with all the focus on my football.
“I would also like to place on record my appreciation for everyone who has offered me help and support during this difficult period of my life.
“I am grateful to Sheffield Wednesday for giving me this continued opportunity and I can only promise never to let the club or anyone else down in this manner again.”