Wednesday were rocked this summer when their promotion-winning manager Darren Moore departed his role at Hillsborough.
Several of their players are set to return for pre-season training next week ahead of their return to the Championship but the club are yet to appoint a new manager.
Sheffield Wednesday are in the middle of conducting interviews of candidates and four names are on their radar.
And Bilic is one of the managers the Owls are speaking to as part of the process this summer.
The 54-year-old Croatian has had extensive experience of working in England where he managed West Ham, West Brom and Watford previously.
He was sacked by Watford in March following a harrowing run of form that saw them one win in eight league games.
But Bilic is seeking to return to management in England and is in the running to land the Sheffield Wednesday job.
The Owls are also in touch with experienced Italian coach Giuseppe Iachini, who wants to work in England.
