Bowen enjoyed a stunning campaign last season as he scored 22 times for the Championship outfit.
The 22-year-old is one of the brightest prospects outside the Premier League and he could be available for just £12m.
And according to The Sun, Arsenal and Tottenham are both interested in snapping him up this summer.
The Gunners have been watching the striker since January and are lining up a bid.
Hull value Bowen at £15m following his prolific year in front of goal.
But The Sun claim Arsenal will look to pinch him for £3m less.
Spurs are not yet considering an approach but could be tempted into action if their rivals make a move.
Arsenal are desperate for fresh faces this summer as they look to bounce back from a disappointing campaign.
“Hull value Bowen at £15m following his prolific year in front of goal.”
But Unai Emery has been handed a budget of just £45m, with any additional funds to be raised by players sales.
The Gunners will likely be priced out of a move for Crystal Palace’s Wilfried Zaha.
And Bowen could be seen as an affordable alternative.
Meanwhile, Tottenham could look to make the Hull star their third signing of the summer.
Mauricio Pochettino’s side didn’t make a single signing last season but they secured two today in the form of Jack Clarke and Tanguy Ndombele.
Clarke has arrived from Leeds for around £10m and the youngster will return to Elland Road on loan next season.
And Spurs have smashed their transfer record to bring in Ndombele.
The midfielder has joined from Lyon in a deal worth £55.5m.