HITC Sport understands the Rotherham striker is set for a move to Oxford.
Bowery has found himself out of favour at Rotherham this season and has just recently returned from a loan spell at Bradford City.
The 24-year-old has made eight appearances in all competitions for Rotherham, scoring one goal, but it appears he does not figure in Neil Redfearn's plans at the New York Stadium.
Bowery joined Bradford in November, but he failed to score in three appearances for the Bantams and with the player in the final six months of his contract the club have decided to offload him.
Oxford have moved quickly to snare Bowery as U's boss Michael Appleton looks to bolster his side's strike-force as they aim to maintain their push for promotion to League One.
Bowery started his career with Chesterfield before moving on to Aston Villa in August 2012 for a fee of around £500,000.
The forward struggled to hold down a regular first-team place at Villa and he joined Rotherham in the summer of 2014 for a then club record fee.