McCauley has been attracting the interest of a host of clubs after catching the eye at Derry City.
The 17-year-old midfielder is regarded as one of the best prospects to emerge in Irish football in recent years and he has already represented Republic of Ireland at youth levels.
Blackburn have been tracking McCauley's progress for some time and they have had the player on trial at Ewood Park twice in the last few months.
McCauley is understood to have impressed at Ewood Park and Rovers made an offer for the teenager which was snubbed by Derry.
Scottish giants Celtic and Ipswich are also thought to have expressed an interest in McCauley with Roy Keane's side inviting the player over for a trial at Portman Road.