Worthington has been in charge of the Northern Irish national side for over two years and also won 66 caps for the country, yet the challenge of managing his former club looks likely to be taken up.
The Irish Football Association (IFA) have confirmed that the 48-year-old, whose contract runs out at the end of this month, will hold discussions with them for a number of weeks, seriously delaying the confirmation of any appointment at Hillsborough.
A statement from the IFA confirmed: "Preliminary talks between the association and Nigel Worthington regarding a new contract took place last week and these talks are still ongoing."
Worthington's contract with Northern Ireland runs out at the end of this year, and he had declared an interest in returning to club football with the Owls.
"I spent 11 great years at Sheffield Wednesday as a player and the club means a lot to me," he told the Belfast Telegraph.
"If the opportunity arose to speak to them, then I'd have to listen to what they have to say. It would only be fair to myself and my career but, at this moment in time, there hasn't been any contact and I'm still under contract with the IFA and enjoying working with Northern Ireland."