SHREEVES PRAISES DEPARTING DES
The decision not to offer Walker a new contract was widely expected due to their financial status, the former England international signed his last deal when The Owls were in The Premiership.
Shreeves revealed the reasoning behind the decision, saying: "He has just finished a four-year contract which, when he signed, the club were prospering in the Premier League and his salary package, quite rightly, reflected that status.
"With the new confines in which we find ourselves in the First Division, I am unable to offer Des a contract that would appeal to him or reflect his status in the game."
Shreeves was, though, full of praise for the former Sampdoria man, adding: "I have known Des since a lad of 15 at Tottenham.
"In my various spells here as a coach, assistant manager and caretaker manager, he has always been in my teams and he always led by example.
"I want to officially go on the record to thank him for his magnificent service to Sheffield Wednesday Football Club and offer him best wishes and good luck in his future football career."
35-year-old Walker has amassed more than 350 appearances for The Owls, and his experience will be sorely missed when Wednesday try and mount a promotion campaign next term.
