Cowan, aged 33 was part of the Dundee squad that has gone into administration and was forced to axe players and staff.
The much travelled player, now with his 12th club made 45 league appearances between 1991 to 1994 before being sold to Huddersfield Town.
Tom is a player who I've known about for a long time" Carlisle manager Paul Simpson told BBC Radio Cumbria.
"He's got good ability, a good left foot and he'll hopefully improve on what we've got."
| Club | From | To | Fee | League | |
| Dundee | 06-08-2003 | 25-11-2003 | Free | 4 (1) | 1 |
| York | 14-05-2002 | 06-08-2003 | Free | 31 (2) | 1 |
| Peterborough | 19-01-2002 | 19-02-2002 | Loan | 4 (1) | 1 |
| Cambridge | 18-07-2000 | 14-05-2002 | Free | 44 (2) | 3 |
| Cambridge | 22-02-2000 | 08-05-2000 | Loan | 4 (0) | 0 |
| Burnley | 16-03-1999 | 18-07-2000 | £ 20000 | 16 (3) | 0 |
| Burnley | 12-03-1999 | 15-03-1999 | Loan | 1 (0) | 0 |
| Huddersfield | 13-07-1994 | 16-03-1999 | £ 150000 | 127 (0) | 7 |
| Huddersfield | 24-03-1994 | 31-05-1994 | Loan | 10 (0) | 0 |
| Stoke | 01-10-1993 | Loan | 14 (0) | 0 | |
| SHEFF UTD | 01-08-1991 | 13-07-1994 | £ 350000 | 45 (0) | 0 |
| Rangers | 01-02-1989 | 01-08-1991 | Free | 8 (4) | 0 |
| Clyde | 01-08-1988 | 01-02-1989 | Free | 16 (0) | 2 |
| Netherdale BC | 01-08-1987 | 01-08-1988 | |||
| Totals | £ 520000 | 324 (13) | 15 | ||
| Apps | Goals | ||||