Sheffield Wednesday have missed out on signing exciting youngster Jed Wallace from League Two club Portsmouth, with the 22-year-old signing for fellow Championship club Wolverhampton Wanderers instead, according to HITC. 

Jed Wallace has joined Wolves
Jed Wallace has joined Wolves

The news is a bitter blow for the Owls who are financially backed by new owner Dejphon Chansiri, and have missed out on one of their prime summer targets.

Wednesday must now focus their attention on their other transfer targets as they prepare for a successful campaign in the Championship.

Wallace is backed as one of the brightest young talents the lower divisions of the Football League has to offer, so the Owls must look elsewhere.

FLW understands Northampton Town forward Ivan Toney is also a target for Wednesday, but like Wallace, he is also attracting Championship interest, with the Cobblers asking upwards of £500,000 for the 19 year old.

Sheffield Wednesday fans...Are you disappointed not to sign Wallace? Let us know your thoughts and opinions in the comments below.