The 36-year-old has played in Australia and Thailand since leaving English football in 2008, following a brief spell with Blackburn. He has also coached at MK Dons.
Fowler was poised to join the new Premier League Soccer venture in India before the project ran into financial problems and Blackpool have confirmed he could be heading to Bloomfield Road after impressing boss Ian Holloway.
In a series of tweets on their official Twitter page, the club said: "Former Liverpool striker Robbie Fowler has trained with the club with a view to signing a permanent deal.
"No deal has yet been agreed but Ian Holloway revealed in his press conference that the striker has impressed and is close to full fitness."
Blackpool face Hull on Friday night and the club distanced themselves from reports Fowler would sign in time to face a team managed by his former team-mate Nick Barmby.
They added: "Contrary to some reports, Fowler would not be available for Friday's game, should he sign a deal."
Manager Ian Holloway said: “It’s brilliant to have someone like Robbie at the club. He looked terrific in training and I don’t think he’s that far away from being fully fit.”
Holloway could field a veteran strikeforce of Fowler and another former England striker, Kevin Phillips.