The PNE ace was being tracked by the Owls - relegated to League One last season - as well as fellow third tier clubs Sunderland and Ipswich Town.
However, it is Wednesday who have won the race for his signature until the end of the season.
The 24-year-old, who signed a new contract at Preston North End last September to keep him at Deepdale until at least 2025, joins the Owls who currently sit just three points outside of the Play-Off positions.
Storey has made just shy of 100 appearances since his arrival at the club in June 2018, 20 of which have come in the current campaign, but he has not featured since the beginning of December 2021, and joins Darren Moore's side in search of more regular game time.
Support us and become a subscriber today. Enjoy unlimited access to local news, the latest football stories and new puzzles every day. With a digital subscription, you can see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Click here to subscribe.