A recent run of good form at Hillsborough has sparked hopes of the great escape under boss Danny Rohl.
Wednesday are expected to try to back Rohl next month and adding more firepower is firmly on the agenda for the Owls manager.
There are also likely to be outgoings though and experienced attacker Gregory will be available to depart the Owls.
And Gregory looks set to have options as clubs in League One are already showing interest in snapping him up.
Gregory, 35, has made 12 appearances in the Championship this season for Sheffield Wednesday, finding the back of the net once.
His game time has dried up under Rohl and he is expected to head out of the Hillsborough exit door.
Gregory has good experience at League One level, having turned out over 150 times in the division and helped himself to over 60 goals.
His exit would help make space for the fresh faces Rohl hopes to land.
