Owls manager Dave Jones has been told he can make four new signings.
Chairman Milan Mandaric has pledged to back Jones in the transfer market this summer as Wednesday look to improve upon their 18th-placed finish in the second tier of English football last season.
Mandaric says the club’s recruitment drive will depend on how many of their out-of-contract players decide to stay at Hillsborough.
The Owls have offered new deals to goalkeeper Stephen Bywater, defender Miguel Llera, midfielders David Prutton and Giles Coke and winger Jermaine Johnson.
Mandaric told The Star: “I’m looking at around four players. It could be more. It depends on how many of our existing players renew their contracts.”
Jones is likely to have more room to manoeuvre on the transfer front should striker Chris O’Grady join Barnsley this week.
“Barnsley need to make a decision quickly because we need to start to plan our season,” added Mandaric.