There has been no official approach yet from Rovers, who have just purchased former City favourite Paul Dickov from relegated Leicester, but whispers around Blackburn are said to have been growing louder over the last few days.
Ironically, each player made their name under their prospective boss: Cole under Kevin Keegan at Newcastle, and Fowler at Liverpool under Blackburn boss Graeme Souness.
Both clubs have been told to wheel-and-deal this summer with little funds available in the transfer kitty.