Milan Mandaric is reported to be ready to continue talks with a Thailand group over a possible £30m takeover at Hillsborough.
Sky Sports says Mandaric has spoken with the Thai representatives and is expected to have further discussions later this week, with a view to ending his ownership of the Owls.
There has so far been no comment from the club or from the owner.
Mandaric, now 76, bought us for £1 four years ago, with Wednesday in a precarious financial position, but in recent times he has made no secret of the fact that he would like to sell the club to the right people.
A reported £40m takeover deal by Azerbaijani businessman Hafiz Mammadov in the summer fell through soon after the start of the season.
Mandaric was involved with another Thai consortium at his previous club, Leicester, selling the Foxes to a Far East group for an estimated £40m in the summer of 2009.