34-year-old former Scotland international Ferguson was linked with a move to The Owls on a season-long deal after he got released from The Toffeemen.
But apparently, Wednesday have offered the giant forward a pay-as-you-play offer and the former Rangers and Newcastle hitman wanted a standard 12-month offer.
Meanwhile Paul Sturrock has also been eyeing up Canaries powerhouse Etuhu although the £600,000 asking price has put Wednesday off.
He moved to Carrow Road from Preston in January and was excellent when he came to Hillsborough during their 1-0 defeat last season.
Sturrock was very interested in signing the player but said: "I would be delighted to bring him to the club, but I believe he could cost a transfer fee of around £600,000 and that money is beyond us."