The Owls sacked Gary Megson on Wednesday just days after he led his side to victory in the Steel City derby.
Jones has been out of management since his sacking by Cardiff City last May.
He took Cardiff City to the edge of promotion and to an FA Cup final but could never quite make it over the finishing line. Ironically one of the occasions where his team fell apart at the last hurdle was at Hillsborough when they failed to get a point needed to make the plays offs.
Jones took Cardiff City to a new level but change had to come in the end after another sad end to a season when cardiff were nearly men once again.
Because of the nature of his contract its believed Jones is still on the payroll of Cardiff City until either a. One year is up since his sacking or b. he gets another job.
So if he's confirmed at Wednesday's new boss it might save City a few quid as well.
Source: FOOTYMAD
