Chairman John Williams confirmed earlier this summer that Rovers would be willing to discuss a buy-out.
American-based Dan Williams and sportswear supremo Chris Ronnie were both keen to reach a deal with Blackburn but complications arose.
Property tycoon Chowdery is now looking to come in, although he is unhappy with Blackburn's valuation.
A close friend of Friedel but not a Rovers fan, Chowdery is still hoping to be successful in his bid to buy the club.
"I think it's probably worth £40million, but the price they are asking is too high," he told The People.
"If they wanted to come to a realistic figure we could have a deal."