The Steel's lone import, who leads the ANZ Championship with 477 goals, is nearing the end of her original three-year contract with the team.
Netball South chief executive Lana Winders did not want to give too much away before starting negotiations with Fowler-Reid, but said the franchise was ''obviously'' keen to retain her.
''She is a key player in our shooting end,'' she said.
''I'm just about to start negotiations with her, but I don't see any reason why she wouldn't come back to us. She's really enjoyed her season with the Steel, and just enjoyed her time with the Steel to date.
''She's given us some really positive feedback about her experience with us.''
Fowler-Reid's retention would be a huge boost for the Steel, which has benefited from her 1.98m frame in the circle since 2013.
The Jamaican ace became the Steel's all time leading scorer earlier in the season, when she surpassed Daneka Wipiiti's tally of 1247 goals.
Fowler-Reid has amassed 1675 goals in 37 appearances for the Steel. Her shooting percentage has been well down this season (86%) from the past two years (93%), but there is no doubting her importance to the Steel attack, which ranks first in the league with 648 goals.
However, she is not the only player who Winders will be trying to sign.
With one-year deals common, no-one on this year's 12-strong roster is contracted to the Steel beyond this season.
Winders, who replaced former chief executive Sue Clarke in March, likes the look of the youthful Steel roster and is keen to keep the ''core'' of the team together.
''I feel like, as a young team, they just continue to get better and better,'' she said.
''If we can retain this core and pull them through 2016, it could get really exciting how well this team could perform.''
She singled out defender Phoenix Karaka and wing attack Gina Crampton as two players who had developed in the Steel system and were now thriving as starters.
Other talented young players are defenders Storm Purvis and Jane Watson, shooters Te Paea Selby-Rickit, Brooke Leaver and Sophia Fenwick, and midcourters Shannon Francois and Stacey Peeters.
Captain Wendy Frew (30) and veteran midcourter Katarina Cooper (29) are the other players on the roster.
''We are getting really good vibes from the team in terms of, let's get into these negotiations and get things sorted,'' Winders said.
''What's key for me in contract negotiations is each of the girls are treated fairly in terms of how we approach them from a negotiation perspective and what we offer them in terms of a remuneration package.''
The Netball World Cup, which starts in August, complicates the signing process this year, and Winders will attend a meeting in Auckland next week to ''firm up'' when teams can look outside their squads for players.
There is a window after the ANZ Championship final where teams can approach players from other teams, followed by a blackout on all negotiations during the World Cup, before another period of negotiation post World Cup, Winders said.
''We can't approach players outside of the franchise until that first window opens. But in the meantime we are talking to all our existing players,'' she said.
