Joe Cole has become the latest ex-England international to extend his career in America.
Now, 34-year-old Cole will also try his luck in the States with North American Soccer League outfit the Tampa Bay Rowdies.
"Joe's going to join Tampa Bay and it might happen pretty quickly if he can get international clearance etc," Mowbray told the Coventry Telegraph.
"I would have liked to have kept Joe who I think has proven his fitness and worth to the team. He's a fantastic character around our building. No airs and graces, not looking for favours or extra days off.
"I think Joe can help us control football matches but he's made his decision for his family, I think, and we wish him well because he's been fantastic for our dressing room and this football club."
Cole has played for a host of clubs during his career, including West Ham United, Liverpool and Chelsea.