The 33-year-old has featured only twice for the Foxes this term, having signed a new one-year deal with the Premier League newcomers in the summer.
Former Blackpool forward Taylor-Fletcher scored three goals in 23 games for his parent club last season.
He joined the 13th-placed Owls prior to Saturday's Championship game against Norwich City.

Emily Gardner, 14, from Gloucester, drowned when an ill-fitting buoyancy aid snagged on a speedboat which capsized in Brixham, Devon in May 2015.
Parents Clive and Debbie Gardner set up Emily's Code to highlight safety issues for small boat owners and users.
They said something as simple as checking a buoyancy aid or lifejacket fits properly could save a life.
Emily was with two friends and her best friend's father, Paul Pritchard, on a 16ft (4.8m) speedboat when a wave hit the vessel, causing it to overturn.
An inquest into Emily's death heard all four were thrown into the water. Emily was trapped underneath the boat after one of the straps on her buoyancy aid caught on a cleat.
Mr and Mrs Gardner said: "Many parents like us have no awareness of recreational boating safety guidelines and have never used a boat before.
"When Emily went on a day trip with her friends we were reassured that safety was paramount and that the equipment was top notch.
"If just one family sees this and takes action to protect their children on the water, then Emily's Code will have succeeded and Emily's name will live on."
The code has the backing of the Royal Yachting Association, HM Coastguard, British Water Ski and Wakeboard, and the RNLI.
Emily's Code:

Fellow tenants Newport Gwent Dragons are subject to a takeover bid from the Welsh Rugby Union, who have said they see Rodney Parade "as a rugby venue."
County have a lease to use the ground - and have primacy of fixtures on the venue if they remain in the Football League - until 2023.
"Our view is quite clear - we've got a contract," Foxall said.
"That is something that we're expecting to be honoured.
"Obviously there is a vote in early May by the shareholders for Newport Rugby and we'll wait and see what happens with that."
The WRU's takeover of Newport Gwent Dragons will be put to the vote on Tuesday, 9 May.
In 2013 the Exiles agreed a 10-year lease to use the stadium after gaining promotion to the Football League from the Conference.
Newport RFC chairman Will Godfrey said both County and Newport Squash Club, who are also based at Rodney Parade, are protected under their current agreements.
Godfrey said the WRU had been made aware of that fact. The WRU have signalled their intention to install an artificial surface which is against Football League rules.
On the pitch, County are two points clear of the League Two relegation with two games remaining after six wins in 10 games under caretaker manager Mike Flynn and can clinch survival this weekend if they win and rivals Hartlepool lose.
Newport secured promotion back to the Football League in 2013 and Foxall said relegation to the National League would be a "massive" blow,
"To lose that status again, in a relatively short space of time would be pretty devastating for the fans but also for the city of Newport," Foxall told BBC Wales Today.
Leicester City striker Gary Taylor-Fletcher has joined Sheffield Wednesday on an initial month-long loan.
[NEXT_CONCEPT]
The family of a teenage girl who drowned on a sailing trip have launched a safety code in her memory.
[NEXT_CONCEPT]
Newport County chairman of operations Gavin Foxall says he expects the League Two club to remain at Rodney Parade.