Vaulks is leaving Championship side Cardiff City this summer after his contract expires at the end of the month.
The Owls are keen on the midfielder and their pursuit is now close to being successful as they look to improve in the midfield area over the summer.
Manager Darren Moore’s side are on the verge of completing a deal with Vaulks, which could be finalised today, and the midfielder was instrumental in it reaching this stage.
The midfielder knocked back at least two offers from the Championship to push ahead with the move to the Owls.
Vaulks has been linked with Championship sides Queens Park Rangers and Stoke City, but he is now set to play in League One with the Owls next season.
The midfielder made 36 appearances in the second tier last season and registered two goals and assists each.
Wednesday are fretting over Massimo Luongo leaving the club this summer and now they are close to brining in Vaulks to plug that gap in midfield.
