Wickham will remain at Hillsborough until January, and the England Under-21 international has revealed that he is delighted to return to a club that he spent time at during the last campaign.
The 20-year-old told the club's official website: "I'm really pleased to come back to Sheffield Wednesday.
"There was interest from other clubs, but I feel that I have unfinished business here and I can't wait to get started again.
"I know the manager, I know the players and the place, and that was a big influence in my decision."
Wickham scored once in six appearances for the Owls last season.