And the Rangers boss is also optimistic of strengthening his squad further by landing striker Kris Boyd AND defender Darren McGregor.
Both Boyd and McGregor have been heavily linked with moves to Ibrox in recent weeks with the pair out of contract after spells with Kilmarnock and St Mirren respectively.
However, Cowie, who played for Cardiff City in the Barclays Premier League last season, is an ambitious new target for the Light Blues.
Cardiff boss Ole Gunnar Solskjaer is desperate to keep the 31-year-old and has offered him a lucrative contract.
Solskjaer wants the former Ross County and Inverness Caledonian Thistle player to help the Bluebirds get promoted out of the Sky Bet Championship.
Cowie, who was targeted by former Rangers boss Walter Smith back in 2009, was a key member of the Cardiff team that won promotion to the top flight last year.
But the attacking player, who has been capped 10 times by his country, is currently weighing up his options.
Rangers have already made contact with a man they feel can help them pip Hearts and Hibs to the Championship title - and a third straight promotion - next season.
The Inverness-born star, who previously played for Watford in England, has spent over five years down south. And he may be keen on a return to his homeland at this stage in his career.
Rangers made their first signing of the close season last week when Kenny Miller put pen to paper for the third time.
And chief executive Graham Wallace has stressed that more new players will join the Scotland international in the coming weeks.
That is despite ongoing speculation about how many season tickets the SPFL League One champions have sold.
The Union of Fans - an umbrella group comprising six supporters' organisations - has been urging followers not to renew.
They want to be given security over Ibrox and Murray Park in return for the cash.
And no official announcement has been made to the Stock Exchange on how many Gers fans have signed up for the 2014/15 campaign.
However, speaking to the official Rangers website, Wallace said: "Things are going well.
"We spent some time with Alistair working out what he wanted to do with the squad for next season.
"We've announced the signing of Kenny Miller, who is joining the club for the third time, and we are delighted about that.
"We have several other things we are in the process of working on so I think the fans can expect to see some further new faces coming to the club in the near future."
Boyd formed a lethal strike partnership with Miller in his previous stint at Rangers and the return of his friend to Ibrox is believed to have increased his desire to sign.