to ease his striker shortage following short-term injuries to Leon Clarke, Akpo Sodje and Francis Jeffers.
Varney, who is ineligible for Tuesday's Carling Cup tie with Port Vale, rejoins the Owls after scoring two goals in four appearances in a loan spell at Hillsborough last season.
Laws told the club's official website: "I am delighted that Luke has agreed to join us.
"He showed our supporters last season that he is a very capable player at this level who can create opportunities and score goals.
"Luke's energy and endeavour was something that really impressed me last season. He never stops running and will certainly give opposition defenders plenty to worry about in the Championship."