The Former Barnsley and Chelsea striker joins from French side Troyes on loan for the remainder of the season.
Ugbo had a loan spell at championship rivals Cardiff City earlier this season where he scored 4 goals in 20 appearances before being recalled by his senior club.
He has proven to be a flexible player on the pitch being able to switch to the flanks and through the middle of the pitch when he is needed.
This is not Ugbo’s first season in English Football either, after enjoying loan spells at MK Dons and Scunthorpe United as well as international loan spells at Belgian outfit K.R.C Genk.
With several players still expected to leave in the January transfer window, the Owls will be hoping he can boost their survival hopes after a rough start back to life in the Championship.
They currently sit in 22nd place with the threat of relegation back to League One looming over them.