HITC Sport understands several English clubs are tracking the Scottish forward.
Dow is a free agent after seeing out his contract at Dundee United and a number of clubs have been monitoring his situation.
St Johnstone are long-term admirers of Dow and they tried to sign him in the January transfer window.
The Saints remain keen on Dow, but with the club yet to agree a deal St Johnstone boss Tommy Wright admits they are ready to pursue other targets fearing Dow is pondering moving elsewhere.
“It can’t drag on forever. There will come a point when I’ll walk away if I’m not getting an answer," Wright told The Courier.
“Ryan’s someone I want. He knows that, but there are other targets.
Several Championship and League One sides have registered their interest in Dow and they are hoping to lure the 24-year-old south of the border.
Dow has come through the ranks at Dundee United and has made over 100 appearances during his time at Tannadice.
The versatile forward has figured in three Scottish Cup finals for United and their chances of keeping him ended following their relegation from the Scottish Premiership.