Fernando Torres is returning to Atletico Madrid on loan until the end of the 2015-16 season.
Steve Clarke is hoping to keep Glenn Murray at Reading after his loan deal expired following the 2-1 win over Norwich.
The 20-year-old joined the Owls over the summer and has already made nine appearances for Dave Jones' side.
Rangers chief executive Charles Green said: "Rangers and Sheffield Wednesday have agreed terms over Rhys McCabe.
"Sheffield Wednesday have acted in good faith and recognised our rights as a club during the process.
"We wish them every success this season and beyond and while we were disappointed Rhys decided his future lies away from Rangers we wish him well for the future."