The Owls are keen to strengthen this month, despite not having a permanent manager in place, and have zeroed in on former Aston Villa star Green to join the ranks at Hillsborough.
He left Aston Villa in July after his deal expired and has been looking for the right club at which to relaunch his career.
Green is now set to join Sheffield Wednesday, as their first signing of the January transfer window, and is poised to be put through his medical paces by the club within the next 24 hours.
The 22-year-old was also linked with QPR, but it is the Owls who are set to win the race.
The winger came through the youth ranks at Aston Villa and made his debut for the club in the Premier League in 2016.
He had spells away from Villa Park on loan at Portsmouth, Preston North End and Charlton Athletic, and is no stranger to the Championship.
Green will be looking to hit the ground running at Sheffield Wednesday after he puts pen to paper to a contract.