The 35-year-old is currently available as a free agent after leaving Japanese outfit Omiya Ardija at the end of his contract in November.
A return to English football is now being mooted, with Neill in the stands as Blackburn saw off Blackpool on Saturday.
The veteran Australian spent six years with Rovers between 2001 and 2007, having joined from Millwall, and went on to represent West Ham United and Everton before leaving the Premier League for Galatasaray.
He remains a popular figure at Ewood and Bowyer admits his know-how could prove invaluable if there is a deal to be done.
He told the Lancashire Telegraph: "I've said all along you can never say never, and that is the same situation now.
"Lucas and myself have been very honest with each other right from the start, we both know where we stand.
"If the opportunity for Lucas to join another club comes along, then that is a possibility.
"But at the same time, we would have to sort something out if we thought something suited us."
Bowyer was able to bolster his ranks during the January window, with Craig Conway among those drafted in, but he also saw club captain Scott Dann lured away by Crystal Palace and a whole host of players leave on loan.
The Rovers boss admits his squad remains a work in progress, with there matters on and off the field to be addressed.
He added: "For the football club to get on an even keel it's going to take a few windows, both in terms of bringing players in and balancing the books.
"I said it at the beginning of the season when I first took over and I still believe that now.
"We're getting closer to forming our squad, but for the good of the football club it could take another couple of windows."