The senior said he has given it some thought, but not until following the season will a decision be talked about between him and coach Mark Dantonio.
"Coach D and I told each other that we would wait until after the Rose Bowl game and we will go from there," said Fowler, who has a team-high six touchdowns this season.
Fowler missed all of the 2009 season being redshirted with a stress fracture in his foot. He missed most of the 2011 season also with a foot injury, which opens the door for a possible sixth season.
With that on the table, Fowler said he has given thought to both options so far, but recognizes how much he already has achieved in East Lansing.
"We will see. We will weigh the options and talk about that."
There is one thing Fowler said he hasn't achieved yet that could have appeal in bringing him back.
"I would have to go with 14-0," he said. "That's the only thing I haven't achieved is an undefeated season here."