The 23-year-old becomes Owls boss Alan Irvine's fifth capture of the January transfer window and looks set to feature for the npower League One outfit in Tuesday`s clash at Peterborough.
Osbourne came through the ranks at Villa and has made 30 senior appearances for the club.
He has enjoyed two previous loan spells away from Villa Park, firstly with Nottingham Forest and then Middlesbrough.
Source: PA
Source: PA