Lowe left Sky Bet League Two side York City by mutual consent in December.
The 30-year-old joined the Minstermen from Cheltenham Town in January 2014 after a loan spell.
He won the club's player of the year award last season but found himself out of favour after Jackie McNamara took over from Russ Wilcox last month.
Lowe, who started his career with Wolves and then had spells with Harriers and Hereford United, made a total of ninety-two League appearances for the Bootham Crescent outfit.