The remaining seat at Marussia, who came out of administration formally last Friday, is the only one still to be filled and time is running out with the season starting in Australia next week.
"We are in discussion, very detailed and very advanced discussion, with some very quick young guys," Lowdon told Reuters.
"Manor has always had a history of bringing some great driving talent on to the grid and we really want to try and continue that," he added.
The team, who are hoping to get two cars on the Melbourne starting grid, have already announced Briton Will Stevens as their other driver although that is subject to the 23-year-old securing his super licence.
That is unlikely to be a problem, with Stevens making an appearance in Abu Dhabi at the end of last season for now-defunct Caterham.
"There are some young, quick guys around," said Lowdon, whose team have the smallest budget of any and are sure to require funding as part of any driver package.
"What we are looking for is a quick driver and with the right temperament to have the challenges that they are going to have in a small team facing this kind of comeback.
"It's not a straightforward decision but hopefully one we can make very soon."
(Reporting by Alan Baldwin, editing by Toby Davis)
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