The Sunday Mail says Love Street boss Gus MacPherson played with the defender at Dunfermline and is a fan of the 36-year-old.
Owls gaffer Brian Laws recently admitted SPL clubs had made "one or two" inquiries and the Buddies are believed to be interested.
Bullen rejected the chance to sign for Inverness Caley Thistle in August but Wednesday are prepared to release him, meaning St Mirren can pick the player up for free.