Lowe who joined from Chester City on a free transfer back in 2006 still has one year on his contract at Crewe.
In his first season at Crewe Lowe netted 12 goals but last only managed 5 goals and Lowe found himself down the pecking order and ended the season on loan to Stockport County.
Crewe manager Steve Holland told reporters "Ryan is on the brink of a move to Chester City. It is not finalised yet but I expect it to go through at any time."