The Foxes ace netted nine goals in 20 matches during his successful loan spell with the Seasiders this season, but Holloway has reportedly already had an accepted offer fall through due to the player's wage demands.
"DJ will always score goals but he belongs to Leicester and that's a problem," he told the Blackpool Gazette. "I know what his wages are now and they've gone up because they got promoted.
"They also paid a big fee for him. So in realistic terms is he going to be a permanent Blackpool player? I can't see us getting him in a million years to be honest - but never give up is my motto.
"He enjoyed it here and you never know. I wouldn't rule out trying for him. It depends how he is thought of now they've gone up.
"Do Leicester want him or want rid of him? Who knows. As a staff we will sit down and talk about it and see what happens."