The 28-year-old Lita spent time on loan at Birmingham City at the start of the season, scoring three goals in 10 games before being recalled early.
Owls boss Dave Jones told BBC Radio Sheffield: "Leroy has a lot of experience at this level and the one above.
"It could be with a view to a permanent deal. This lets us have a look at him and he can have a look at us.
"We're still looking for more players and we have one or two things ongoing."