The player was keen to leave Goodison Park in the January transfer window after failing to see any first team action this season.
He has found himself far down the pecking order in Roberto Martinez's squad, with the likes of Gerard Deulofeu, Aaron Lennon and Kevin Mirallas all ahead of him in the pecking order.
He is in need of extended game time in the second half of the campaign though as he looks to compete for a place in Martin O'Neill's Republic of Ireland squad for Euro 2016 in France this summer.
That had led to Championship interest in his services, and Sheffield Wednesday have now confirmed he has joined on loan until the end of the season, via Twitter.
The winger will now be hoping he can have some sort of impact upon Carlos Carvahal's squad, with them pushing for a promotion spot this season.
They are currently 7th in the Championship, just one point outside the play off places, and McGeady will be hoping he can play a big part in breaking into that top six.