Carlos Carvalhal is to remain as head coach at Wednesday.
There was speculation that he might leave the job after the Owls missed out on promotion back to the Premier League last week after reaching the play-offs for the second successive season.
However, he met with chairman Dejphon Chansiri on Monday and the club have now confirmed that Carvalhal’s contract at Hillsborough has been extended.
His backroom staff have also had their contracts extended.