The 24-year-old former Netherlands Under-20 international defensive midfielder, who has made 119 appearances for his hometown club since arriving from FC Twente in 2014, is set to fall out of contract in the summer.
And with Pelupessy unwilling to pen fresh terms, Heracles look set to offload him to the Owls this month with a fee reportedly agreed between the two clubs.
The player is set to undergo a medical and agree terms and will become Sheffield Wednesday boss Jos Luhukay’s first signing since he took charge at Hillsborough earlier this month.
Pedro stepped off the bench to send Chelsea into the FA Cup semi-finals after they beat Leicester 2-1 at the King Power Stadium on Sunday evening.
RB Leipzig came from behind at the Red Bull Arena to end a run of four winless games and defeat Bundesliga leaders Bayern Munich 2-1 on Sunday.