Coach Mark Turgeon says both players intend to sign with agents who will work with the Maryland coaching staff throughout the process before the players decide whether to return to the school.
Under newly adopted NCAA rules, college players are allowed to retain the services of an agent during the evaluation process. If players choose to return to school, they must end the relationship with the agent and they will not lose any eligibility.
The 6-foot-10 Fernando had 22 double-doubles in 2018-19 and earned First Team All-Big Ten honors. He said playing in the NBA "has long been my dream" but intends to make "an informed decision" before fully committing to the draft.
Cowan led the Terrapins in scoring, assists and minutes the last two seasons.
The Associated Press contributed to this report.