A league announcement is expected on Friday.
Their medical incidents happened on Sunday morning, after a party at a Carlton player's home.
The AFL and Carlton were contacted for comment after a Thursday media report on the league's verdicts. It is understood Cowan's sanction had not been finalised.
There also has been no confirmation yet after widespread reporting about illicit drug use at the gathering.
Bailey Smith received a two-match league ban for drug use before he left the Western Bulldogs for Geelong. The same applied to Hawthorn star Jack Ginnivan following an incident when he was at Collingwood.
Speaking on Wednesday night at the AFL trade deadline, Carlton football boss Chris Davies said Cowan and Hayward were embarrassed, but recovering from what had happened.
Carlton had confirmed on Sunday afternoon that Hayward and Cowan went to hospital, in separate circumstances.
Cowan received medical treatment and underwent observation before being discharged, while Hayward admitted himself and was stitched up after suffering a minor cut to the head.
Ambulance Victoria also confirmed on Sunday that advanced life support paramedics were called to an incident at inner-suburban South Yarra earlier that morning.
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