Argentinean top flight side Atletico Talleres are interested in taking Windass away from Hillsborough this summer and are making an effort to snap him up.
The Argentinean side made an initial bid for the midfielder that was in the six-figure range, but that was rejected by the Owls.
It was claimed that the South American side had come back with a second offer for the midfielder, but that claim has been rubbished.
The Owls have been made no second offer from Atletico Talleres for Windass yet and it remains to be seen if they will receive one.
Wednesday are determined to not lose the midfielder this summer despite his injury-laden recent season, where he made only 12 appearances.
The Owls were besieged with interest for Windass last summer too but the midfielder ended up signing a new contract and staying at Hillsborough.
Sheffield Wednesday will be hoping that they are able to retain the services of Windass again this summer and next season he plays more of a role in their bid for promotion.