The club currently sit bottom of the Championship, the second tier of English football, with just six points after 11 games.
Known as The Owls, they are one of the oldest surviving clubs in world football, with more than 150 years of history.
Court records confirm the club have filed for administration.
A notice was filed at a specialist companies court at 10.01am.
The Owls, who host Oxford United on Saturday, have been in turmoil for a number of months.
On 3 June, owner Dejphon Chansiri was charged with breaching EFL regulations regarding payment obligations.
Weeks later Mr Chansiri said he was willing to sell the club in a statement on their official website.
Their crisis deepened just says later when another embargo was imposed on the club relating to payments owed to HMRC, before players and staff were not paid on time on 30 June.
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