"After lengthy discussions with Chris this morning we have reluctantly allowed him to talk to his home town club," read a Hartlepool United statement.
"He confirmed that any other manager's job that his name has been linked to has never been of interest to him as he is very happy at Hartlepool United and with Increased Oil Recovery Ltd.
"However, he has supported Sheffield Wednesday since he was a child and, of course, he also played for the club.
"The move, which is by no means certain, but if confirmed, would be a personal goal achieved by Chris and reward for all his excellent work at Hartlepool."