German manager Holger Osieck helped Australia secure a spot in Brazil having successfully negotiated the Asian World Cup qualifying group.
However, back-to-back 6-0 defeats to Brazil and France in friendlies saw Osieck fired last weekend after three years in charge.
Despite former Manchester United and Australia goalkeeper Mark Bosnich calling for Ferguson to be brought out of retirement, Lowly insists the Football Federation of Australia are focused on looking internally.
"Our preference is clearly an Australian coach," the chairman of the FFA said.
"Three names are being talked about and it's not wrong that we have three possible Australian candidates."
Melbourne Victory coach Ange Postecoglou and former Socceroos assistant coach Graham Arnold appear to be leading the race to succeed Osieck, with a decision expecting in the next two weeks.
With only eight months until the 2014 World Cup and Australia set to host the Asian Cup in 2015, Lowy explained the FFA would be seeking to appoint a long-term replacement.
Osieck's departure follows a trend in Australian national teams with New Zealander Robbie Deans fired by the rugby union team after losing to the British and Irish Lions and South African Mickey Arthur losing his post as Australian cricket coach just weeks before the Ashes series in England.
In both instances, the Australian national sides opted for home-grown replacements.