Lucas Silva is unlikely to join Real Madrid in January with the Spanish giants not planning to make any transfers.
Blackburn global advisor Shebby Singh expects to draw up a shortlist of contenders for the vacant managerial post at Ewood Park by Thursday.
Rovers have been without a manager since Steve Kean resigned on the eve of last month's npower Championship draw with Charlton to end a turbulent spell in charge.
A host of high-profile names have been linked with the post, with managing director Derek Shaw saying at the weekend that the club had received "around 20 good and proper applications".
"I am going to have a meeting with my colleagues on Thursday where we will look at all the names in the hat and draw up a shortlist," Singh told The Guardian.
"It could be a shortlist of one, it could be a shortlist of three or four. In the meantime I would ask for some understanding from the fans."