The Owls are said to be exploring midfield transfer options, with Seyi Olofinjana in their thoughts.
The 33-year-old has spent time training with Wednesday and is available as a free agent following his release by Hull City.
Jones admits to being an admirer of the Nigeria international, but says there is no room in his ranks for additions at present.
He said in the Sheffield Star: "Things are tight, and until I can move people out I can't bring people in."
Jones is not overly concerned at the thought of working with those already at his disposal, with injuries having opened the door to those on the fringes of the squad to prove their worth.
He added: "It always gives somebody else an opportunity. At the moment there are a lot of opportunities for people to show 'I'm ready and I can do it'.
"We need to strengthen and move players out when they're surplus to requirements. But players have been given opportunities in the past and taken them. The door is never closed."