Blackburn global advisor Shebby Singh claims the club will have a new manager in place within a week.
Rovers have had approaches for Fulham first-team coach Billy McKinlay and Tottenham counterpart Tim Sherwood rejected as they look for a replacement for Steve Kean.
The Championship outfit have been without a manager since Kean's resignation on 28 September, with Eric Black currently in caretaker charge, but Singh insists the wait is almost over.
"You have got to tread with caution and if caution means taking a little bit more time than usual we'll take it," he said on The Footballers' Football Show.
Asked when an appointment would be made, he said: "Definitely by the middle of next week."
Former Tottenham manager Harry Redknapp has been linked with the position but Singh, who has already started interviewing candidates, hinted that the club would favour a young up-and-coming manager.
He said: "This group is obviously the most interesting one, because you've got to look, you've got to find, you've got to search, so that is possibly why it has taken more time."