Blackman scored 10 Clydesdale Bank Premier League goals during his five-month loan spell with Motherwell, which expired after the New Year's Day draw against Hamilton, but all of those came under Craig Brown, now manager of Aberdeen.
Blackman's Rovers contract expires at the end of the season, so the Barclays Premier League club would need to sell him this month to recoup money for him if they cannot agree a new deal.
Brown, who worked with Blackburn manager Steve Kean at Fulham, has stated throughout this week that he is optimistic Blackman would sign for him again.
But Motherwell boss Stuart McCall has been given encouragement that the 21-year-old could return to Fir Park.
"The thing is not dead and buried with Nick," McCall said.
"I would be confident if he came back to Scotland it would be to Motherwell.
"I have spoken to Steve Kean and I've spoken to Nick's agent twice.
"First and foremost they have got to come to an agreement because I think there is a massive difference in what Nick and his agent want and what Blackburn are willing to offer."
Source: PA