Owls skipper Bullen, who many fans believe has been labelled as a scapegoat this season, is available for loan.
The popular Scotsman, who lead Wednesday to promotion in 2005, is being courted by 'one or two' teams from north of the border and he may be able to leave in the January transfer window.
Lunt meanwhile, who has struggled to really make an impact at Hillsborough since a move from Crewe two years ago, has also been linked with a move away from S6 with The Railwaymen one of the clubs who are very interested in signing the midfielder.
Whelan though has been tipped to move to Bolton Wanderers in January after their new boss and former Owls legend Gary Megson was spotted at Hillsborough during the Leicester City game.
The former Republic of Ireland Under-21 international, who has just been named in the 'B' squad for the first time, has had another influential season and scored two goals against The Foxes on Saturday.
The Dublin-born midfielder's contract expires at the end of the current campaign.