"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.