Mowatt looks set to leave Leeds United for Barnsley.
Mowatt is expected to sign for local rivals Barnsley in the coming days, with Leeds risking losing him for nothing were they to keep him on until his contract expires in June.
And that should enable Monk, whose side climbed back into third with a win against Nottingham Forest in Wednesday's Championship encounter, to make his first - and hopefully his second - signing of the window before Tuesday's transfer deadline.
"The most important thing for me in this window is that we strengthen the squad, not weaken it," said the Whites boss.
"With Alex, if it’s done, then I can only assume that the club are 100 per cent sure that the players we have talked about are going to come through the door as soon as possible."
Leeds' Alex Mowatt is set to replace Conor Hourihane at Barnsley
Monk, who admitted to being "excited" by the prospect of new additions, added: "We definitely need two, but it will only be players that can add quality."
The Yorkshire Evening Post reported last week that Leeds are continuing to work on deals for West Ham United striker Ashley Fletcher and Norwich City winger Sergi Canos, whom Brentford are also said to be pursuing.
Ironically however, the Whites' deal for Fletcher could hinge on the Hammers' capture of Scott Hogan from Brentford, which would in turn provide the Bees with funds with which to sign Canos.
Brentford's Scott Hogan could be key to two Leeds' deals
One new face will feature in Monk's squad for Sunday's FA Cup trip to Sutton United, however, with academy striker Mallik Wilks remaining in the manager's plans despite the death of his older brother Raheem on Thursday.
"The plan was always for him to be involved and that doesn't change," Monk told the Yorkshire Evening Post. "Having spoken to him he wants that as well so that's good and a good sign from him.
"But all of our focus is on him, to give him the best support possible for whatever he needs."
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