The Owls' preferred base for their new training ground following the sale of Middlewood Road will be in the south of the city - the current site of Westfield School in Mosborough.
The 28-acre site will soon be vacated by the school leaving Wednesday to build their new headquarters there and also give the local community use of the facilities.
Housing company Bloor will be buying Middlewood for about £1.2million per acre but Westfield will be a much bigger site for Wednesday.
Meanwhile, the club announced that their new shirt sponsors will be internet firm PlusNet as of June 2005.
The club are currently sponsored by Napoleon's Casino, which is owned by chairman Dave Allen but following the expiry of the deal, Wednesday will receive a six-figure sum over two years from PlusNet.
And finally, both The Owls and Blackpool released a joint statement regarding an alleged illegal approach for Tangerines' striker Scott Taylor.
It read: "Sheffield Wednesday are pleased to report that Blackpool FC have withdrawn their complaint against the club in relation to an alleged illegal approach for Scott Taylor.
"Following discussion between the clubs and an apology by Sheffield Wednesday the matter is closed and neither club will make any further comment."