The 26-year-old, who won Commonwealth gold at middleweight in 2014, will train alongside Tony Bellew under Dave Coldwell.
He will debut on the undercard of Kell Brook's IBF welterweight title defence against Errol Spence at Bramall Lane.
"I think being British champion in 18 months is a good target for me," Fowler said.
The six-time ABA champion and cousin of former Liverpool striker Robbie added: "I waited for Rio because I wanted to go to the Olympics but I was also gaining experience fighting the best of the best.
"As a pro I think that's going to show as there's very few people in England that can live with me and it's only the very elite in the world that beat me in the amateurs. So I think I am going to shine as a pro and my style is great for it."
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Fowler, who aided Carl Froch as a sparring partner prior to his final bout against George Groves, follows Rio Olympians Joe Cordina and Josh Kelly in signing with Matchroom Sport.
Silver medallist Joe Joyce and bronze medal-winner Joshua Buatsi are also expected to turn professional.
Great Britain's Rio 2016 boxing captain Anthony Fowler has turned professional and will make his debut on 27 May.