Lucas Silva is unlikely to join Real Madrid in January with the Spanish giants not planning to make any transfers.
Grandin is available after leaving Blackpool earlier this summer when his contract expired.
The 26-year-old Frenchman rejoined the Seasiders in February on a deal until the end of the season after departing Crystal Palace.
New Blackpool boss Jose Riga is now considering offering Grandin a third spell at Bloomfield Road as he looks to bolster his threadbare squad.
However, they could face competition for his signature with Millwall and Brighton also keeping tabs on the situation.
Millwall boss Ian Holloway is a huge admirer of Grandin from during his time in charge of Blackpool and is thought to be looking into a move to be reunited with the winger.