The 19-year-old, one of the Owls' Academy products, has moved to Highbury on a 28-day loan and will be available to boss Graham Alexander for their League Two game at home to Newport this weekend.
Dieseruvwe previously spent time on loan with non-league Hyde this season yet failed to find the net in seven appearances.
He moves on the same day Dave Jones' side acquired Sunderland striker Connor Wickham on loan.
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