For cash-rich clubs such as Manchester City the January transfer window is looked upon by their fans as an exciting period with the hope and expectation of fresh new faces coming in to perk up the team.
At Hillsborough however the month for most supporters in terms of the team is a time of trepidation, constantly wondering if other clubs will be in to poach the Owls best players.
The club have been quick to state that they are not in a financial predicament where they will be forced to sell any players but profits over the past two years have been based on the sale of top players such as Bhougherra, Whelan and Brunt (with the latter sold in the 2007 summer window) and most players are likely to have their price if the fee on offer is right.
The main focus of interest will probably be on the defensive side of the team as far as Wednesday are concerned. Manager Brian Laws has described the younger members of the Owls defence as the future of the club and the team should be built around them but a host of Premier League and Championship teams have previously shown interest in the likes of Mark Beevers, Tommy Spurr and Richard Wood and they could well come knocking again.
18 months ago USA international full-back Frank Simek would have been classed as a key asset and prime target for other clubs but he is yet to make a successful return following a lengthy injury lay-off.
More recently the rumours have related to Premier League interest in goalkeeper Lee Grant. Given the lack of depth in the Owls squad any player sold would presumably have to be replaced and this would certainly be the case with regards to the keeper as the club have no one with any significant first team experience to call upon behind Grant.
So what about potential strengthening of the team? It is no secret that money is tight, as is the case with many teams in the Championship, but it may be possible to bring in one or two new faces.
The departure of Deon Burton to Charlton has left a gap that is more than likely to be filled by Bartosz Slusarski though whether this will be on loan or on a permanent deal is another question.
Midfielder loanee Jimmy Smith is returning to Chelsea leaving another void in the centre of the park. The playmaker came to Hillsborough with high hopes but an injury in pre-season meant he missed the Owls solid start to the campaign and he was never able to hold down a place in the team from that moment on. Smith was used sparingly as a substitute, often not in his preferred position and on the rare occasions that he did start matches he failed to make a telling contribution.
A creative central midfielder is perhaps something that the Owls are lacking as O' Connor, Watson and McAllister and industrious enough and do a solid job in the centre of the park but none of them have the ability to consistently find a killer pass, go past a player or score a fair share of goals.
The next month may well provide an indication of the ambition that the club has in terms of moving forward and building a team for the future.