According to Marc Stein of the New York Times, the team is hoping to gain a top-10 pick in Thursday's draft at Barclays Center, and "no one on Toronto's roster is off-limits."
The apparent target for the Raptors is Kentucky's Shai Gilgeous-Alexander, per Stein, a point guard who has potential to take over if the team deals Lowry.
The front office has already indicated it isn't planning on accepting its lack of draft picks.
"We'll approach it as far as, first off, is there any way to get into the draft?" general manager Bobby Webster told Sportsnet 590 The Fan on Friday.
Trading Lowry would be a bold move considering he has been an All-Star in each of the last four years. He was the second-leading scorer for a team that finished with the best record in the Eastern Conference in 2017-18.
However, aggressive moves are sometimes necessary, as the Raptors had another disappointing exit in the playoffs.
The 32-year-old point guard is also owed more than $64 million over the next two years of his contract.
Bleacher Report's Jonathan Wasserman considers Gilgeous-Alexander the No. 15 prospect in the draft, but he has a lot of upside thanks to his 6'6" size and 6'11 ½" wingspan. The point guard wasn't as dominant as past Kentucky ball-handlers, but he filled up the stat sheet with 14.4 points, 5.1 assists and 4.1 rebounds per game as a freshman last season.
It will likely take at least a lottery pick to select him, but he could end up being a steal compared to others higher on draft boards.
Toronto also has Delon Wright on the roster, while restricted free agent Fred VanVleet could return to add more depth at point guard.