According to the Sunday Telegraph, Cowdery has sounded out Prudential executives in recent weeks about a potential deal to buy the firm and his proposal has been discussed by the board.
The report says that although there are no live discussions taking place, Prudential is prepared for Cowdery to renew his advances.
The article says Prudential is willing to consider selling off its UK business but it believes any buyer would have to pay significantly more than the current implied stockmarket valuation.
HSBC is also expected to be among the bidders for the insurer, the Telegraph says.
Cowdery is believed to have made several bids for life insurers since Resolution floated on the LSE last December, raising £600m from investors. His targets are understood to include HBOS’ Clerical Medical and Friends Provident.