Sheffield Wednesday have decided to release Matt Penney, as per their official club website.
Sheffield Wednesday have opted against keeping hold of him for League One next season.
Penney, who is 23 years old, will become a free agent when his contract expires at the end of June.
He was a target for Swindon Town in the January transfer window, as reported at the time by the Swindon Advertiser.
The Sheffield Star reported last month that QPR are also interested in him.
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Penney signed a 12-month deal last summer and made 15 appearances in all competitions this past season as the Owls were relegated from the Championship .
The left-back joined Sheffield Wednesday’s academy at the age of eight and rose up through the youth ranks of the Yorkshire club.
The Chesterfield-born defender signed his first professional contract in October 2015 and had loan spells away as a youngster in the Football League at Bradford City and Mansfield Town to get some experience under his belt.
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He made his first-team debut for Sheffield Wednesday in a League Cup tie against Sunderland in August 2018, and has since played 32 games for them.
Penney spent last the season before last on loan in Germany at second tier side St. Pauli before returning to the Owls last summer.
It will be interesting to see if returning abroad would be something he is open to, or whether he will be tempted to stay in England.