The 19-year-old has made just three appearances for Rovers' first team, but has done enough in those outings to convince Sam Allardyce that he is deserving of a new deal.
The Canadian was only granted a work permit to begin his Ewood Park career in earnest over the summer, despite having joined the club at the age of 13
He has progressed steadily through the academy ranks since then, and has spent time on loan at German lower league outfits Paderborn and St Pauli in each of the last two seasons.
Hoilett was then drafted into Blackburn's senior fold over the summer, starring in pre-season and being handed a Premier League debut as a substitute in their opening day contest against Manchester City.
He was then awarded a first start in a Carling Cup tie against Gillingham, a game in which he also opened his goal account for the club.
Having taken positive strides in his short career so far, Blackburn are now understandably keen to tie him down on extended terms.
"Some preliminary discussions have already taken place. It's a work in progress," Rovers chairman John Williams told the Lancashire Telegraph.