The Blues boss has made no secret of his desire for additional resources to add to his side's attacking threat.
Depending on how things pan out, the route may be to tap into Cowley’s contacts at a Premier League for a temporary deal to aid a player’s development.
Or it could be the Blues take a player off a Championship side's wage bill before August 31.
We have looked at some of the contenders who could fit the bill.
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9. Alfie Doughty
Stuck on the bench at Stoke, the former Charlton winger can play a number of positions - including the 10 position Cowley is looking to bolster (Photo by James Chance/Getty Images) Photo: James Chance
10. Josh Sims
The former Southampton man has been linked with Sheffield Wednesday but is still a free agent Photo: Tim Goode
11. Faustino Anjorin
Hails from Poole, the hot prospect is coming back from being hit by coronavirus but may be a bit too close to the first-team picture at Stamford Bridge. Photo: Catherine Ivill
12. Luke Freeman
Attacking midfielder has hinted at a Sheffield United exit as he finds playing time hard to come by Photo: Simon Bellis