The midfielder will see an initial deal at Ewood Park expire in January, at which point he will be due back at the KC Stadium.
Cairney concedes he does not know what the New Year has in store for him, with no discussions regarding his future having been held as yet.
He is, however, prepared to admit that a prolonged stay at Blackburn would appeal as Hull have worked hard to add fierce competition for places in their Premier League ranks.
The 22-year-old told the Lancashire Telegraph: "I suppose in the next couple of weeks I'll hear more and see what my future is, if it's at Hull or at Blackburn.
"It's all a bit up in the air at the minute but I'm definitely enjoying my time at Blackburn and I'll be happy if it continues.
"If I went back to Hull I'd get the odd game in the Premier League, which is fantastic obviously, but I can't see it being week in, week out.
"They've bought players for £5million so it would be tough, although I'd always be confident in my ability to eventually start playing.
"The key is to play football. That's what makes me happy.
"I'm 22 and I need to be playing football as much as I can, although at the same time the Premier League is obviously where every player wants to be. But there's no reason why I couldn't do that with Blackburn. Maybe we could do it this year or the year after."
Pressed on whether he has been offered any indication as to where he stands by Hull boss Steve Bruce, Cairney added: "I haven't spoken to him personally but I think he was at the Leeds game the other week.
"I'll probably speak to him if I go back to Hull and take it from there really.
"I feel like I've played well here, I think my game has got a lot better as well. But I still feel like there's more to come.
"The manager is definitely building something here. There's a lot of young British players and it's really good to be a part of it.
"I'm loving every minute of it and if that continues then I think I'll be happy."