The former Blues favourite joined Sheffield Wednesday in July on a free transfer following his Bournemouth release.
However, Lowe revealed that before securing an ‘exciting’ switch to Hillsborough, he was open for a south-coast reunion.
Crucially, though, newly-promoted Pompey ‘chose not to’ pursue the free agent, preferring to focus elsewhere in the summer transfer market.
Now the 30-year-old is preparing to return to his former club on Friday, albeit with the Owls.
Lowe told The News: ‘It would have been nice to go back to Pompey. I don’t think the Pompey side ever approached, but it was a thought.
‘They never really jumped on the idea, it wasn’t meant to be, they obviously had a different plan, a different way to go forward. It would have been very sentimental if it had happened.
‘It’s hard to describe what happened. They didn’t really pursue it, which they could have done at one stage, but they just didn’t, they just chose not to, which was fair enough, they have no obligation to resign me.
‘I have said this for years, the reason I left Pompey in the first place was to try to play as high as possible, which I had to do on a personal level.
‘I always thought that if they got promoted then I’d love to play for them again. Now they are in the Championship, you never know in the future. The world works in mysterious ways.
‘It would just be nice to go back on Friday and soak in some memories and that Fratton Park atmosphere.’
Danny Rohl’s men are currently in 18th spot, four points ahead of Pompey, who are presently bottom of the league.
It promises to be an emotional reunion for the attacker, who scored 29 times in 119 appearances for the Blues, while also led them to the League Two title and Checkatrade Trophy.
Lowe added: ‘Sheffield Wednesday is another big club with a big fan base. I was definitely excited when they came in for me. They have ambitions to try to push forward and push up the leagues, it’s another challenge I’m looking forward to.
‘I have nothing but love and respect for Sheffield Wednesday, the manager and the faith he has shown me. It’s such a fantastic club. I’m really enjoying it here.
‘We need a victory on Friday night and will definitely be going all out to get one.’
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