The Northern Ireland international had a fantastic year last season and has been courted by many Premiership clubs and his current contract ends next summer.
But Owls manager Brian Laws is intent on hanging on to his star asset and will offer the former Middlesbrough player a new-and-improved deal.
In other news, Wednesday are expected to announce a new signing in the next few days - rumoured to be Derby County's former England U-21 goalkeeper Lee Grant.
The Owls are also tipped to increase their bid for Scunthorpe's Billy Sharp after the Glanford Park club knocked back Wednesday's initial £1.5million bid.
And staying at Scunthorpe, former Owls legend Kevin Pressman is set to become The Iron's new goalkeeping coach after spending a season playing in Ireland.