Blackpool boss Ian Holloway admits he would happily take David Vaughan back, but does not expect Sunderland to loan out the midfielder.
Vaughan left Bloomfield Road over the summer to join Sunderland on a free transfer, but was in and out of the team under former manager Steve Bruce.
However, the Wales international started new boss Martin O'Neill's first home game in charge on Sunday and rewarded the decision by scoring the equaliser in Sunderland's 2-1 win over Blackburn Rovers.
He had been linked with a return to Blackpool on loan in the New Year, with team-mate Titus Bramble mooted as a loan target for his old club Ipswich Town.
Holloway would have no hesitation in re-signing the 28-year-old, but doubts O'Neill will agree to Vaughan's departure when the transfer window reopens.
"If they're not happy with him, I'd like them to ring me up and I'll drive up there to get him," Holloway told the Blackpool Gazette.
"But somehow I doubt they will. I think this is just a rumour and wishful thinking on our fans' part.
"I'd have him like a shot, but can I see it happening? Unfortunately not."