The Daily Mirror suggested that Leicester were set to sign the French forward, but no deal materialised.
It means that Claudio Ranieri’s side only made two additions last month, but Dowie thinks that missing out on Remy may not turn out to be a bad thing.
“I do think it [missing out on Remy] was a blessing in disguise,” he said. “Remy isn’t going to do what Vardy does, so you’re then shoehorning someone into position.
“Vardy mainly likes to play between centre halves and run the channels.”
Even if Remy had signed for Leicester there would have been no guarantees that he would have come straight into their starting line-up.
The Foxes’ form this season has been nothing short of incredible, and Jamie Vary has struck up a good partnership with Shinji Okazaki.
The pair compliment each other very well, and they have proven to be a huge threat to defences across the division.
Remy, meanwhile, will be looking to force his way into Chelsea’s starting line-up over the rest of the season, but displacing an in-form Diego Costa in Guus Hiddink’s starting line-up will be tough.