United reportedly failed with a bid for the Spanish star and new Madrid captain last month, with the Red Devils hoping to use goalkeeper David de Gea, who wants a move to the Spanish giants, as leverage in the deal.
Any agreement for Ramos appeared to have fizzled out, but Lowe revealed that both players involved in the saga are still keen for their respective moves to materialise.
“David de Gea wants to go to Real Madrid and Sergio Ramos does want to move to Manchester United,” he said.
“That would imply that this should happen but we’ve got a long way to go still.
“United’s position with Ramos is relatively clear. If Real do not allow them to sign Ramos, they will not let De Gea go.”
De Gea has one year left on his contract at Old Trafford, and Lowe believes United are prioritising keeping the player more than any potential transfer fee recouped from selling to Madrid.
“The two deals at the moment are dependent. If he [De Gea] has to stay for a year and then go on a free next summer, so be it. But they have the ability to use De Gea as leverage to get Ramos.”
Lowe also revealed that new Barcelona signing and Liverpool target Arda Turan will be allowed to leave the club on loan this season, with the Turkish midfielder unable to play until January 2016 while the Catalans’ transfer ban still applies.
The European champions' new £24m man will be cup tied if he plays Champions League football during that period, so Barca coach Luis Enrique will only advocate a move if he joins a side outside Europe’s elite competition.
Lowe added: “They are looking at the possibility of him going out on loan. They don’t want to put themselves in a position where he couldn’t play Champions League football.”
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