Gary, 33, heads for Hillsborough to get some first team football, having featured just twice for the Foxes this season – as a substitute in the trip to Chelsea in the Barclays Premier League and in the Capital One Cup encounter with Shrewsbury Town at King Power Stadium.
Taylor-Fletcher signed a one-year contract extension in the summer after helping City win promotion to the top flight as Football League champions last season. He has made 25 appearances and scored three goals since joining the Club as a free agent in September 2013.
Wednesday currently sit 13th in the Championship after a run of five league games without a win and host Norwich City this Saturday – a game Taylor-Fletcher should be eligible for if his registration is confirmed in time.
Stuart Gray’s Owls also face away trips to Charlton Athletic and Huddersfield Town in the next month, either side of home games against Bournemouth and Rotherham United.