"With Lewis, we will make the right decision for him and for us," Howe said. "I think it will be something we will sit down and talk about.
"We have got some excellent strikers here. I have got some real options in that position, especially when you consider you have got the quality of Lys Mousset who is out of the squad at the moment.
"That is something for a later date when we will have a chat with Grabbs."
When asked about Grabban's success this season, Howe replied: "I am not surprised. Lewis is an outstanding player. When we signed him back when we were in the Premier League we paid a substantial fee for him.
"I have worked with him before and really enjoyed that process. The journey we went through together was incredible really.
"He did very well for me in both spells so I have got a lot of time for the player and the person.
"We will make the right decision for the next step in his career."