The EFL s new Embargo Reporting Service - which recently came into effect after clubs approved an amendment to the regulations to allow the governing body to publish a list of those clubs under registration embargoes on their official website - revealed that Wednesday were not on the list anymore.
The Championship clubs named on the list were Derby County, Hull City and Reading.
The Owls, who released their accounts this week - with their late submission being the reason why they were unable to sign players - are now working on some much-needed incoming deals, likely to be in the free transfer and loan signing bracket.
The club have targeted a move for ex-Everton player Dennis Adeniran and played a couple of trialists in their friendly game with Celtic on Wednesday.
The Owls have suffered a spate of off-the-field issues over the past few years, but a welcome positive development at the start of July saw players paid outstanding wages owed to them by the club, while players who recently left Hillsborough are set to receive money owed to them this week.
It had been revealed at the end of May that a number of senior players were considering handing in their two-week period of written notice due to the ongoing situation at the club regarding unpaid wages – which had lasted over several months.
Officials are working to bring the club's financial affairs back under control and the releasing of a transfer embargo is a further step in the right direction.