While Howe appreciates that Burnley face stiff competition in reacquiring his services, the 33-year-old coach is not giving up hope.
"It's not ideal that a couple of clubs have had bids accepted but we always expected with Jack that other clubs would be interested," he told the Lancashire Telegraph.
"We're not out of the race, we're being kept informed of developments and we will just have to wait and see what happens.
"He's a good player so a lot of clubs were always going to be interested.
"But we are working hard to try to bring players in and as long as he is within our price range we will certainly do the best we can.
"We have identified our targets, we know the people we want and we are working to try to get deals done."