McManaman was Tony Pulis’ first signing when he joined the Baggies in January last year but the Merseysider has not featured in the current campaign.
He made his name with his first club Wigan, with whom he lifted the FA Cup in 2013 having been named man of the match in the final.
A statement on West Brom’s official website read:
“Albion have agreed to loan winger Callum McManaman to Sheffield Wednesday for the second half of the season.
“The 25-year-old from Liverpool has completed the required medical for his loan to start from January 1 which will run until the end of the season.
“McManaman was Head Coach’s Tony Pulis’s first signing but, having made seven starts and 17 more as a substitute, he has been unused this season.