The Daily Mail says Manchester United and Liverpool are interested in the youngster.
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Indeed, United have already offered £450,000 for the 16 year-old, who is yet to sign pro terms with the Owls.
Alao has tasted senior action in both the Carabao Cup and Championship this season, acting as understudy to Harry Amass, who is on-loan at Hillsborough from United.
Wednesday sit bottom of the Championship table with the club now under administration and on the brink of being sold.