Madine initially rejoined the Sky Blues for a second spell in October on a one-month loan, before that was extended by a further month.
With that extension due to run out after tomorrow’s game at Walsall, City have negotiated with Wednesday for the striker to remain with City for a further final three games.
The deal, which runs until January 30th sees Madine’s loan run for the maximum 93 days under the ’emergency loan’ ruling.
Madine’s Wednesday contract runs out at the end of the season and Sky Blues’ boss Steven Pressley has publicly expressed his desire to tie Madine down to a permanent contract; “We’re delighted to be able to extend Gary’s stay at the club. He has been an integral part of the team since joining the club and has displayed a terrific attitude. Gary has became a focal point of the way we play and that is why he is our number one target over the transfer window.
“We’ve now got Gary for a further 28 days but at the end of the month, he will have a decision to make on his future, whether it will be here or elsewhere. If he remains surplus to the plans of Stuart Gray at Sheffield Wednesday, we’ve made it clear that we’d love to have him here past his loan spell and that is something we’d look to do in the coming weeks.”