The Owls board, chaired by Dave Allen, have been talking to numerous parties who have been interested in taking over control of the club since the turn of the year.
Allen has been in negotiations with the former Everton stakeholder Gregg since January and has shown the club accounts - although the prospective buyer is concerned about the spread of shares across the club.
Allen is currently trying to reclaim supporter group Wednesdayite's 10 per cent share in the club in exchange for £500,000 into Brian Laws' player fund - although the shares were originally given as a gift from the board to the fans.
The Wednesday chairman says that 51 per cent of the shares must be together for any interested party to take total control but it is difficult to do this because they are so widely spread.
Meanwhile Irish magnate Sean Quinn, who is the Republic's richest man with over £3billion in the bank, has denied any interest in taking over Wednesday after reports leaked out to the press yesterday.