Sheffield Wednesday could be closing in on their first signing of the summer.

Football League World have exclusively revealed that the Owls look set to sign Lee Gregory this summer as his contract comes to an end with Stoke City.

The 32-year-old has spent the last two seasons with the Potters, scoring seven goals in 46 appearances before spending time on loan with Derby County last term as they narrowly avoided relegation from the Championship.

Darren Moore's side are looking to put plans in place ahead of their first season in League One, and if Gregory does join the club, here are two knock-on effects that could be felt at Hillsborough.

Josh Windass's future

Signing a player like Lee Gregory could pave the way for more players to move on.

Josh Windass is Sheffield Wednesday man who is already attracting interest with Football Insider claiming that Middlesbrough, Stoke City and Cardiff City could be interested in a move for the versatile forward.

Whether Gregory's arrival will mean that Windass could move on remains to be seen, but given the situation at the club it's certainly not out of the question.

A significant outlay

Sheffield Wednesday's finances are a major issue for the club this summer.

While several high-earners have left the club at the end of their contracts there is still a lot of work to do for the club to get themselves back on a stable financial footing.

Lee Gregory is a quality player and while he's available on a free transfer there's no doubt that he'll command a decent wage packet - something that will have to be considered carefully by the Owls as they look to bring their finances back under control.