The striker struck in the 1-1 draw with Burnley.
Fryatt's effort was the second of his month's stay at Hillsborough and Owls boss Dave Jones will try to extend the deal.
He said: "We are going to try, it's down to the chairman and the finances, and it's difficult.
"Matty scored a great goal. He had a chance like that in his first game for us and missed it, so that just shows what a few games can do. We'll wait and see what happens."
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