But Pompey’s head has revealed that anything is possible regarding the right-back's future.
The 26-year-old signed temporarily from Millwall on August 31, and has become an instrumental cog in the Fratton chief’s machine.
Despite making two Championship and one League Cup outing for Gary Rowett’s side this term, the former Derby manager allowed him to leave on loan to gain more game time.
Cowley has previously indicated it would be a stretch to fund a permanent Romeo deal, but isn’t ruling anything out.
He told The News: ‘I don’t think you should ever say never in football, because no one knows quite what tomorrow's going to bring.
‘No one would have thought Mahlon Romeo would have been available to us until deadline day last summer.’
Since his arrival from the Den, Romeo has made 35 appearances in all competitions on the south coast.
He’s yet to score for the club, but has registered three assists – with his most recent coming against Accrington, four days ago.
The Antigua and Barbuda international teed up George Hirt’s first of the afternoon on the eventual 4-0 rout, by calmly sliding the ball across the goalmouth where the striker swept home.
And Cowley has paid tribute to the former Gillingham man, due to his ability in both attack and defence.
He added: ‘We’ve enjoyed Mahlon being with us. We thought we saw the best of him last Saturday (against Accrington), which was great.
‘He played with a real physicality and athletic quality while being aggressive against the ball. I think we take for granted how few goals we concede from that right hand side.
‘That is credit to him and the way he marshals that side of the pitch. It was also great for him to contribute with an assist to George Hirst’s first goal against Accy.’
Message From the Editor
You can support our local team of expert Pompey writers by subscribing here for all the latest news from Fratton Park for less than 25p per week.