The youngster has impressed during his time at Hillsborough, making seven appearances and scoring once since joining in September, and will now stay for a further four weeks
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The 18-year-old joined Hillsborough outfit in September in a bid to gain greater first-team exposure and has since made seven appearances, scoring in a 2-1 defeat to Bolton.
Wednesday manager Dave Jones enthused to the club's official website: "Ross has got better and better since he came here.
"The lad has a very bright future and playing games in the Championship will certainly help his development."
Barkley will stay at Hillsborough on a week-to-week basis which is authorised under a youth loan arrangement to boost Wednesday in their bid to avoid relegation.
Jones' men are currently in the drop zone, sitting 22nd in the Championship.