Strachan also revealed that Lowe had made several attempts to persuade him to extend his successful tenure which has seen the club reach last season's FA Cup Final and turn from relegation candidates into UEFA Cup hopefuls.
He said: "The chairman asked me to sign a new contract in the summer and he asked me again several times during the last five months.
"I told him in October I would not be signing. We never even spoke about money which is probably a good thing or else the green-eyed monster might have taken over and that would have been hypocritical of me to have stayed then.
"The chairman asked me several times to reconsider and he has been absolutely fantastic.
"I had to be fair to my family and I had given them my word.
"We hoped to keep it quiet until the end of the season but it was leaking out so we have been forced to say something.
"There are other things I want to do although I am not arrogant enough to think I can take a break and then get straight back into football.
" I made a promise two years ago and I am sticking by it - simple as that. Whatever happens, happens."
A club statement issued today, said: "It is with some sadness we announce that Gordon Strachan has decided not to extend his contract with us beyond the end of this season.
"A new contract has been under discussion for some time now but Gordon has decided that, for medical and personal reasons, he needs a break from the demands and pressures that are associated with being a Premier League football manager."
Lowe said he understood Strachan's decision and insisted it had been made for purely personal reasons.
"Gordon and I have fully discussed the situation and are comfortable with his decision," he said. "Despite the fact that we may appear an unlikely partnership, I have very much enjoyed working with Gordon over the past two and a half years.
"His enthusiasm and commitment have inspired everybody and the club has moved forward after leaving The Dell.
"Gordon has assured me that he will give 110 per cent for the balance of the season in order to capitalise on our current position in the League.
"Our fans will be sad to see a man, whose passion matched theirs, taking time out of the game.
"I sincerely hope that everyone associated with the club will give Gordon and the team their full support for the rest of the season."
Strachan took over as manager in October 2001, six weeks after being sacked at Coventry. He replaced Stuart Gray, who had taken the hot seat after Glenn Hoddle's controversial decision to join Tottenham.
The hunt for his successor has started with Wales manager Mark Hughes and Leicester's Micky Adams, a former Saint, believed to be early front-runners.
