Luongo will undergo a Medical with the Owls on Friday before completing his long awaited move away from QPR.
The 26-year-old didn't feature in QPR's opening weekend victory against Stoke City amid whispers he was set to leave the London-based club and the Sheffield Star newspaper says he'll be joining Wednesday for an undisclosed fee.
The Sydney-born playmaker was placed on the transfer list alongside the rest of the QPR squad by director of football Les Ferdinand with the Loftus Road based club desperately trying to cash in on any of their assets.
Luongo was originally believed to be headed to Nottingham Forest but Wednesday has seemingly swooped in to get their man.
The Australia has played four seasons at Loftus Road with QPR after arriving from Swindon Town in 2015.