The 24-year-old defender has spent the last three months with the Hillsborough club but following talks with the player's club Southampton, Turner has decided to let Monk return to St Mary's as planned this week.
The Owls manager is planning to use the club's available finances to strengthen other areas of his struggling Division One squad for the rest of the season but has not ruled out a possible move for Monk in the summer.
"I have spoken to Southampton and we won't be bringing Garry here at this moment in time, he has now returned to them," Turner told the club's official website.
"I feel we have enough centre backs in the club and have to utilise the finances we have in other areas.
"Garry has played a good part and was starting to form a good partnership with Dean Smith but I think Smith can form a good partnership with one of the other three players just as well.
"When the dust has settled after the end of the season and we are shaping the squad for next season, Garry will be one of those who come into the reckoning."
