The young midfielder had been at Hillsborough since September but has returned to Goodison Park upon the deal's expiration with the Toffees suffering from injuries
The 18-year-old midfielder has been recalled after his loan expired because of injuries to captain Phil Neville and Darron Gibson. Neville is set to miss the next two months after undergoing knee surgery, while Gibson is struggling with a thigh injury.
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Barkley, who has represented England at Under-21 level, joined the Owls on an initial one-month loan back in September before it was extended by a further four weeks.
The midfielder made 13 appearances for Sheffield Wednesday, scoring four goals, his last performance for the Owls was in Saturday's 1-0 defeat to Nottingham Forest.