The Rams wanted to take Johnson to Pride Park before the closure of the transfer window and were working on the deal.
They were hopeful given Johnson’s out of favour status at Hillsborough, but the deal ultimately did not take off.
The Owls asked for Derby to initially pay a loan fee for the midfielder to move on loan.
And then they requested that Derby take over the full payment of Johnson’s wages for the duration of the temporary spell.
Those financial conditions proved too much for Derby to stomach and the deal for Johnson to go to Pride Park was off.
Johnson made 51 appearances across all competitions for Sheffield Wednesday last term, but is struggling to get a look in this season.
The 32-year-old will hope that his situation changes in the coming weeks or he could seek a departure in January.