The 20-year-old, who is currently representing England in the Under-21 European Championships, was shipped out by former Black Cats boss Martin O'Neill for one month at Hillsborough last season.
It is understood that Wednesday manager Dave Jones is eager to bring Wickham back to the Championship outfit for the 2013-14 campaign, according to the Sunderland Echo.
Wickham started two of new Sunderland boss Paolo Di Canio's seven games in charge.