Bowden admits it's quite a way off but has states its "possible".
Bowden said: "I have to admit that, if we go up this season, in 2009/10 our sole objective will be to finish 17th.
"It will be a case of consolidating after that and keeping our place and moving through to the top half.
"Our planned progress will be step by step. Firstly, to get into the Premier League, then to stay there and obtain a strong foothold.
"And then challenge for a Champions League place. This is a long way down the track but it can be done."
With the many millions available to other Premiership teams, most recently Manchester City, can Town really compete with the top four, let alone the top half of the Premiership?
This comes after Bowden said Town don't have money to splash about. Instead there are reports of them drying up.
"Jim has the tools he needs to do his job," said Bowden. "But there is a ceiling.
"We are not awash with money and it will be a case of the right player at the right time for the right price.
"If the manager wants to strengthen more then his request will, of course, be considered.
"There are one or two possible loan targets that could turn into emergency loan signings next week.
"But it takes two to tango and we have to get the agreement of the 'selling' club.
"If it happens, fine, if it doesn't then it will not be a tragedy."
Can Town really make the Champions League?