A report in the Guardian newspaper has linked the 51-test All Black with the club and it would be no surprise if his departure is announced in the near future.
Cowan is off contract at the end of the year and if he could see the writing on the wall during the World Cup when slipping from first to third in the pecking order in his position, it has taken the form of a flashing neon sign following Aaron Smith's elevation above him at the Highlanders.
Cowan, 30, started his first match of the season against the Hurricanes in round four but was subbed for Smith at halftime and the New Zealand Maori representative claimed the No9 jersey back for Saturday night's defeat to the Brumbies
In a recent interview with APNZ, Cowan said he was prepared to fight Smith for the starting halfback position but, perhaps wisely, was keeping his options open.
"I'm like all professionals in New Zealand who are coming off contract,'' he said. "I'm certainly looking [at other options overseas].
"I'm not getting any younger, it's a great way to experience another culture, isn't it?''
The Guardian report said Gloucester's Scottish international halfback Rory Lawson is injured, out of contract and talking to several other clubs, with Cowan top of the list as a replacement.
It is likely to be a lucrative earner for Cowan, but probably not as valuable as the contract fellow All Black Jerome Kaino has just signed with Toyota.
Kaino, who turns 29 next month, is at the peak of his powers and was officially recognised as the All Blacks best player last year. He is understood to have at least doubled his salary by playing in Japan, from about $500,000 at the All Blacks to at least $1 million a year.
The first priority for Cowan's coach at the Highlanders, Jamie Joseph, is to find another first-five following the injuries to Colin Slade and Lima Sopoaga. Slade (ankle) and Sopoaga (shoulder) are out for the rest of the season, with Bay of Plenty's Chris Noakes now ranked as Joseph's top playmaker in his first year at this level.
