The cash-strapped Latics fell to a 2-1 defeat to Carlisle at their training ground yesterday.
While Blues 2017 League Two title winner Kal Naismith and Gary Roberts featured for Wigan, Lowe was one of several players likely to be on the move after the club entered administration.
The DW Stadium outfit reportedly still owe Pompey £750,000 in fees from his transfer in July 2019.
Swansea are keen but have supposedly had a £500,000 bid turned down for the winger who scored six goals in 48 appearances for Paul Cook's side last term.
That would still leave Wigan £250,000 short in their debt they owe the Blues.
Yet Wales Online reports the Latics may have to reluctantly accept a cut-price offer if no more bids are lodged.
Following a protracted transfer saga, Lowe joined Wigan for in excess of £2m last summer, signing a three-year deal.