The Foxes currently sit on top of the Premier League, and they have lost just one of their last 16 matches.
Leicester won their most recent outing 2-1 against Chelsea, to move 20 points clear of last season’s champions, but Fowler does not feel they have a chance of lifting the title in May.
“I don’t think they can, though it would be great to see them give it a real go,” the former Liverpool striker said.
"They score goals, so there is always a chance, but some of their rivals have much more depth in their squads, which always counts over the course of a full season.”
Hamann agreed with his former teammate at Anfield, suggesting that Manchester City and Arsenal will catch Leicester in the long-term.
“What a wonderful story it would be if Leicester could stay there, but I don’t think they will,” Hamann said.
"They’re where they are, at the top, on merit but I’m not sure if it’s sustainable for them.
"Arsenal are going to get a few players back, and Manchester City are going to have Sergio Aguero and Vincent Kompany back soon, so they’ll both be stronger.”
Leicester have already surpassed all expectations, and they have accumulated 35 points over the season so far.
Claudio Ranieri’s side’s form has been hugely impressive, and if the likes of Riyad Mahrez and Jamie Vardy can continue to hit the back of the net with such frequency there is no telling how long their winning run could last.
Leicester are already nine points clear of Tottenham Hotspur in fifth place, and even if they are not considered title contenders there is now genuine talk of them making it into the Champions League.