Initial contact was made by the Seasiders last week, as Ian Holloway stepped up his efforts to get fresh faces on board.
Coyle confirmed on Monday that discussions had been held and that he could be tempted to sell the 22-year-old at the right price.
And on Thursday Coyle said: "The likelihood today is that Chris Basham will sign for Blackpool with us getting a fee in return for that.
"He is a player we like and we value here but I had to be fair to him, because his chances have been limited here.
"Morally, I felt I had to give him the opportunity if he wanted to play week in, week out.
"Ollie (Blackpool boss Ian Holloway) and I had a chat the other day and it looks like it has moved on now and that will probably happen today."