"Initially they (Real Mallorca) were asking for five million euros," Mowbray told the Birmingham Mail.
"From the conversations we had, I think it's unlikely that Mallorca would let Trejo go out on loan.
"If they did, while I wouldn't sit here and say we would definitely do it, it's something we would have to consider.
"He hasn't played a lot of football for Mallorca this year and we need players who can come in and make an impact.
"When Trejo was on the radar it was a case of trying to build up a squad.
"He doesn't have a great goalscoring record but he is a talented boy who plays in an area of the pitch I thought would have helped our team.
"If he is available I am not envisaging he will score the 10 or 15 goals we need from somebody. He is a link player who has got a lot to learn so I wouldn't get too excited.''