Chatting on FUBAR Radio, Lowe suggested Bruno Tonioli's replacement could be a different ex-Strictly pro each week.
"I'd love to see ex-professionals sit in that fourth chair every week," Lowe, who left the show in 2017 after seven series, said.
Lowe also strongly hinted she’d take on the role if asked by producers.
"I love Strictly, I love everything about dance. I think it is really a good positive thing if you can relate to the celebrity that's going through each week,” she said.
“We've been there, we can support. You can be compassionate, you can be encouraging but give constructive criticism. That's how I would be as a judge if I was asked to be on it. I would love to. Who would turn that job down? I mean it's got to be the most amazing position to be in."
LA-based Tonioli – who has appeared in every year of Strictly Come Dancing since the show started in 2004 – may be forced to skip the upcoming series if current quarantine rules remain through this Autumn.
During the same interview, Lowe also weighed in on the recent reports Strictly would be introducing same-sex couples for the first time in the show’s history.
“Dance is a form of expression and as long as you're expressing the music and you're creating, I just think that's where we're at now, absolutely. I'm all for it!" she said.
"I think everything is a process. Everything happens when it's ready. I don't know like, if it was meant to happen maybe it was meant to happen two or three years ago, but it hasn't, so I'm just fully ready to embrace it as and when it is ready. No time like the present. Let's get it happening!"
Strictly Come Dancing will return to BBC One this autumn. If you’re looking for more to watch check out our TV guide.
