The EFL brought a misconduct charge against the Championship club and it centres on the sale of their Hillsborough stadium.
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The Owls issued a claim against the EFL for allegedly ‘acting unlawfully’ in bringing about the misconduct charge.
“The club is proceeding with its arbitration claim against the EFL that the charges issued by the EFL are unlawful and the process of appointing the arbitrators is currently under way,” read a statement on the club’s official website.
“No step will be taken in the disciplinary case, if at all, until the arbitration is resolved. The club can confirm that it is not under embargo. No further comment will be made at this stage.”
Wednesday have denied all allegations put forward by the EFL after it opened an investigation into the club’s profitability and sustainability submission for 2017/18.
The Owls have been reported to have registered a £38million profit from the sale of the stadium to a company owned by their chairman, Dejphon Chansiri, in the wrong year in order to avoid breaching financial fair play rules.
The EFL had said previously the charges would be considered by an independent disciplinary commission with sanctions possibly including a severe points deduction.
Earlier this month, the EFL said it had sufficient evidence to support the misconduct charge.