Bannan, 23, is expected to move to Ewood Park after the two clubs agreed a £750,000 fee for the Scotland international.
Rovers boss Gary Bowyer said: "It's still ongoing. These things take a little bit longer than managers want.
"We have just got to keep working hard at it and try to get things over the line. If it doesn't happen, then we have got other targets that we can certainly aim for."