Shortly after 11:30am today officers from Lancashire Police found a body in a lake off Moody Lane, Mawdesley.
Formal identification is yet to take place, but it is believed to be that of Mr Cowley, 63.
Police had been looking for him in connection with an attempted murder.
Police were called by the Ambulance Service around 5.45pm on Wednesday October 10 to reports a woman was being treated for stab injuries.
Officers attended an address on Moody Lane and a 50-year-old woman was found with several wounds to her abdomen area. She was taken to hospital by air ambulance where she was treated for serious injuries. She has since been discharged.
A spokesman for Lancashire Police said: "A Home Office post mortem examination will now be carried out to try to establish the cause of Mr Cowley’s death which is currently being treated as unexplained.
"His family have been made aware of developments.
"We would like to thank everyone who helped with our appeals."
Earlier today, police had released a video of a car that had been set on fire in Moody Lane.