The 31-year-old looks set to leave Dutch side PSV Eindhoven this summer, with Owls boss Brian Laws claiming his side had a chance of signing him.
But the former Holland international - who previously played for Ajax, Barcelona, Newcastle and Milan - has rejected a trial at the club out of hand.
He told De Telegraaf: "I am flattered by the interest but a transfer to Sheffield Wednesday doesn't fit in my future plans."
"My agent will put all offers next to each other, after which I will make a choice."