The England Under-21 man, a big-money signing from Ipswich Town after his rise to prominence at Portman Road, has barely featured in Martin O'Neill's side this season despite the Black Cats' struggles in front of goal.
That has led to a race for his services in the Championship which the Owls are thought to be leading. Whoever does land Wickham, though, will have to stump up 50% of his wages according to North-East newspaper The Journal.
Respected local journalist Alan Biggs, writing in the Sheffield Telegraph meanwhile, believes Wednesday manager Dave Jones will stick with a 'tighter' system at the City Ground on Saturday with Jay Bothroyd playing wide in midfield rather than up front.
That is despite Owls fans being keen on a 4-4-2 system being re-employed in a bid to harness the attacking threat of wingers Michail Antonio and Jermaine Johnson.