DeRozan, who earned $27.7 million last season with the San Antonio Spurs, would be willing to take less money in order to return to his hometown, according to Turner.
Meanwhile, Lowry remains interested in moving to Los Angeles as he surveys his options this summer, after plenty of rumours linking the two during last season's trade deadline.
DeRozan, 31, averaged 21.6 points, 4.2 rebounds and 6.9 assists on 49.5 per cent shooting from the field with the Spurs last season.
Lowry, 35, posted 17.2 points, 5.4 rebounds and 7.3 assists on 43.6 per cent shooting from the field in 46 games with the Raptors this past season.
The duo spent six seasons as teammates in Toronto, earning five playoff appearances and four division titles in that span.