24 year-old O'Donnell is a product of the Owls' academy, and made his first-team debut in 2006. Richard made just a handful of appearances for the Owls and spent several spells on loan at various clubs, including, amongst others, Oldham Athletic, Grimsby Town and Macclesfield Town.
Sheffield born O'Donnell was released by Wednesday at the end of the 2011/12 season and within days he penned a one-year deal with Chesterfield, Richard again made just a handful of appearances for The Spireites, and also spent time on loan at Stockport County.
Richard is currently a free-agent following his release at the end of last season.
Former Hereford United midfielder James McQuilkin is also believed to be with the club, following a recommendation from first-team coach Richard O'Kelly.