The 18-year-old midfielder began his career with Chelsea, but he left the Premier League club when he was 16.
Wednesday moved quickly to snap him up and he has now progressed through the youth ranks at Hillsborough and he has already made his senior debut for the club.
However, Obileye's current youth deal expires this summer and as yet he is yet to sign a professional deal.
Wednesday are looking to tie him down to a long-term deal - but Sky Sports understand there is big interest from a number of Premier League clubs.
Arsenal, Tottenham, Southampton, Queens Park Rangers, Stoke, Aston Villa and Swansea are amongst the clubs believed to be monitoring Obileye's situation.