Ugbo joined the Owls on loan from Troyes in January and quickly endeared himself to the Hillsborough faithful. He proved to be the focal point Wednesday had been crying out for and scored seven goals in 19 appearances.
However, according to reporter Darren Witcoop, there are fears they could be priced out of a swoop for the Canada international. Contingency plans are often in place for cases like this and Wednesday are said to have interest in another former Bluebird in Kaba.
but a permanent move did not materialise. He joined Spanish outfit Las Palmas last year but is reportedly free to leave the club.
A number of Championship clubs are said to have shown interest, with Wednesday among them. The Owls have taken a markedly different approach to this summer window, looking to wrap up deals early on.
They have already recruited experienced goalkeeper Ben Hamer, as well as defensive duo Max Lowe and Yan Valery.