After five wins in 11 games and back-to-back defeats in recent weeks, Sheffield Wednesday announced the departure of manager Henrik Pedersen on Sunday afternoon.

The 48-year-old stood firm in a difficult period for the club last season, as they entered administration and suffered relegation from the Championship.

Since then, he was initially backed by new owners - the Storch consortium - to lead the club into a new era. However, with expectations raised in League One, fans quickly turned when Pedersen failed to get the results and left the Owls as low as eighth in England's third division.

The writing seemed on the wall and his exit was confirmed on Sunday, with those at Hillsborough releasing an official statement.

Sporting director Simon Wilson said: "First and foremost, I want to thank Henrik for his professionalism, commitment and contribution during an exceptionally challenging period for Sheffield Wednesday.

"We knew the start of this season would be difficult due to the scale of change across the club, but our expectation was always that we would develop as the season progressed, establishing a recognisable style of play and greater consistency in our performances."

"Although we have accumulated points, we haven’t seen enough progress in those areas. We believe making a change now gives us the best opportunity to establish those foundations and build towards the second half of the season and beyond."

Sheffield Wednesday have now commenced their search for a new manager, with a shortlist of three names who could take the job already emerging.

Whether the Owls have a new name in charge by the time they host Cambridge United this Tuesday remains to be seen, however.

Sheffield Wednesday eyeing three Pedersen replacements

With the search underway, Sheffield Wednesday are targeting David Challinor, Paul Heckingbottom and Dean Holden to replace Pedersen, GIVEMESPORT understands.

The three names are in the frame to take up the vacant post at Hillsborough and all offer varying levels of experience. The most interesting name is arguably Holden's.

Currently the assistant manager to Sergej Jakirovic at Hull City, Holden was last in the hot-seat at Charlton Athletic in 2022. It was then that he won 12 of 32 games in charge.

Since then, the 47-year-old has been Steven Gerrard's assistant at Saudi Pro League side Al-Ettifaq and taken up another assistant role at Hull.

If it comes down to experience, however, then it will be Heckingbottom who's preferred. The former Sheffield United boss would certainly cause some controversy by crossing over to city rivals, but there's no denying that he could take the Owls back to the Championship.

Challinor is also worth a mention in that department. The 51-year-old won 142 of 163 games in charge of Stockport County in a spell which saw him earn promotion from the National League to League One.

There is clearly much to think about for Sheffield Wednesday, who must get their next appointment right if they are to achieve promotion back to the Championship at the first time of asking this season.