Hendrick was one of a host of last-minute midfield targets the Owls looked at on deadline day, along with John Buckley, Isaac Hayden and Alex Mowatt.
As the clock hit 11pm, it was unclear if a deal to loan Buckley from Blackburn Rovers had been completed.
Standard Liege appeared to beat Wednesday to former Hull City midfielder Hayden and it seemed a £3m Swansea City bid had gazumped them on Buckley, only for the 23-year-old to say he did not move to south Wales.
It is no wonder he was keener on Yorkshire. Quite apart from the obvious, Buckley enjoyed himself in Harrogate on Wednesday scoring twice as an under-strength Blackburn Rovers beat their League Two hosts 8-0 in the League Cup. it added to the goal Buckley had scored against Walsall in the first round.
Whilst completed a deal for Buckley the Owls were simultaneously working on a loan for another forward-thinking midfielder in Hendrick.
The Republic of Ireland international joined Newcastle three years ago but like Hayden, he has been swept aside by the influx of Saudi Arabian money at St James Park.
He spent last season on loan at Reading where he started every Championship game but one and scored four goals as the Royals were relegated thanks partly to a points deduction. The 31-year-old has not played any competitive football this season.
Derby County had shown an interest in out-of-favour Marvin Johnson but that was another deal which did not end up happening as the clubs were unable to agree a loan fee.
The late dash was an attempt by manager Xisco Munoz looks to add some "special" talent to the core of 10 players he put together in August.
The Owls have not picked up a point in this season's Championship – the only side in the Football League yet to get off the mark – and are out of the League Cup after two penalty shoot-outs against League Two opposition, one won against Stockport County, one lost to Mansfield Town.