Ex-Huddersfield Town and Portsmouth boss made favourite to be appointed by Bradford City's League Two rivals
The 45-year-old has been out of work since being axed by Portsmouth earlier this year.
He has been among the favourites for various vacancies since, including the one at Bradford City.
According to the BBC, he agreed terms with the Bantams but changed his mind due to family reasons.
Bradford are not the only EFL club without a manager, with their fourth tier rivals Grimsby Town also in the market for a new boss.
He currently sits ahead of promising young coach Nathan Rooney, who has been priced at 4/1.
Cowley is also the favourite to take the reins at another EFL club – Lincoln City.
The Imps are a club he is familiar with having led them between 2016 and 2019.