But he is unsure whether the Pilgrims can afford the Pompey striker's wages.
Plymouth were linked with a move for Pitman earlier this week, while Swindon are also firmly in the race following 22-goal top-scorer Eoin Doyle’s recall to Bradford yesterday.
The ex-Blues skipper has been reduced to a bit-part role at Fratton Park this season. He hasn't started a League One match since the 0-0 draw with Gillingham on October 12, while was omitted from the squad for Tuesday night's EFL Trophy victory at Walsall.
Lowe is hoping to recruit a forward before Plymouth's League Two clash against Carlisle on Saturday, although a switch for Barrow’s Scott Quigley has been ruled out.
But whether it’s Pitman who arrives at Home Park will ultimately come down to finances.
Speaking at his pre-match press conference, Lowe said: 'We are not in for Scott Quigley.
‘I would love to have a Brett Pitman in my team but whether I can afford him is a different matter!
‘We are hoping to have a striker signed before the weekend on a loan deal.’
Pitman has scored 41 goals in 99 appearances for Pompey since arriving from Ipswich in the summer of 2017.