The 22-year-old defender/midfielder, who received his maiden senior Australia call-up this week, had been the subject of a £300,000 verbal offer from the newly-promoted Owls according to The Scotsman.

Hearts are understood to be only willing to part with McGowan, who is out of contract at the end of the 2012-13 season, for more than double that amount.

McGowan made 38 appearances in all competitions for Hearts, to cement himself as a first-team regular after previous loan stints at Ayr United and Partick Thistle.

According to reports, Hearts are keen to offer McGowan a new deal to ensure he doesn't leave on a free transfer.

Meanwhile, McGowan's Hearts have been drawn to face English giants Liverpool in the Europa League play-off round.