Rovers sacked manager Matt Taylor this morning after their poor run of form.
The Gas, who last 2-0 at Birmingham at the weekend, have won only six out of 19 league games this season to leave them two points above the drop zone.
Lowe played one season for the Dons back in 2012, before he left to join Tranmere Rovers. He scored 11 times for the club.
After hanging up his boots, Lowe has gone on to enjoy spells in management with Bury, Plymouth and Preston North End over the last six seasons.
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