The 30-year-old Dutchman is currently contracted to the Owls until December 29 after signing a short-term deal last month.
He has played in their last four games, including the Sky Bet Championship clash with Wigan which was abandoned after 59 minutes due to a waterlogged pitch.
His current deal takes him through to the clash with Charlton just after Christmas and he will not begin negotiations before then.
"I've spoken with the club about it and we agreed that I am going to finish my contract and then sit around the table and discuss what will happen further," he said.
"Sheffield Wednesday is a big club, so I don't see any reason why a player wouldn't want to stay here."
Loovens found himself in a difficult position having been signed by Dave Jones, who was sacked before the defender made an appearance for the Owls.
He played under Jones at Cardiff and remains close with him, but insists he is focused on doing well for the South Yorkshire club.
"I think a lot of Dave Jones, he was a big part of the reason for me to join Sheffield Wednesday," Loovens added.
"Unfortunately for him he got the sack, but that's football. Things go on and I have to do well for the club."