Ipswich boss Joe Royle was keen to sign the Finn in the summer but was put off by the Owls asking price.
Wednesday boss Chris Turner spoke earlier this week of his plans to shake up the team following two consecutive defeats, the temporary departure of Kuqi appears to be part of those plans.
The 26-year-old has hit five goals already this term for the Owls and could make his move away from Hillsborough permanent, providing he impresses.
Kuqi's absence could pave the way for French loanee Guylain Ndumbu who has impressed in recent reserve outings.