The Mirror reported via their live transfer blog on Friday [02:09pm] that Millwall have offered £2.5million for the 24-year-old, who was in superb form at Fratton Park last season as Portsmouth reached the League One play-off semi-finals.
It is understood that Wigan are also interested in the Englishman, who wants to quit the south coast club after missing out on promotion to the Championship.
Leeds have already been linked with Lowe this summer with Sky Sports reporting last month that the Whites are interested in snapping up the former Barnet attacker.
Sky reports that Portsmouth valued Lowe at £2million, but clearly Millwall have offered more than that for the wide man, which suggests that the League One side will accept their bid.
Leeds simply cannot afford to miss out on a potential bargain when they need to add some depth to their wide-forward positions this summer and need to try and outbid Millwall to snap up the right-sided ace.
Lowe scored 17 goals and supplied nine assists in 55 appearances across all competitions for Pompey last season and was able to play on both flanks and up front as a centre-forward for Kenny Jackett’s side.
Leeds have lost Jack Harrison since his loan spell from Manchester City ended and clearly Pablo Hernandez is not getting any younger.
The Yorkshire giants should be able to afford a deal for Lowe that would outbid Millwall and also not get too ridiculous.