Formica has been offloaded to Mexican outfit Cruz Azul after struggling to make his mark in England.
Bowyer would like to bring in a forward-thinking replacement before the summer transfer window closes on 2nd September.
Having moved Formica on, and with DJ Campbell and Ruben Rochina sidelined, Rovers find themselves short in an important area of the field.
Addressing that issue has become all the more important on the back of a slow start to the new season which has delivered just one point from a possible nine, and Bowyer believes dipping back into the market is crucial if Blackburn are to turn the tide.
He said in the Lancashire Telegraph: "I'll have to have a chat with the board and find out what funds are available.
"If they make it (the Formica fee) available, then we'll certainly look to use that.
"We're working hard to improve the squad and bring one or two more bodies in, and that's what we'll continue to do.
"I feel we need to add a little bit more in our attacking, so we're looking at attack-minded players and making improvements there."