The teenager midfielder was snapped up by Wednesday in 2011 after he left Chelsea and he made his senior debut in the Football League trophy.
Obileye, 19, is captain of Wednesday's development team and was handed a professional deal last year - but it is understood the player is keen to return to his London roots.
Sky Sports understands that Wednesday will not stand in his way and the player is currently training with Palace.
However, the likes of Charlton, Watford and Brentford are also believed to be keen.
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