The 19-year-old joined Pools on a one-month deal at the end of November and has been a virtual ever-present since in Danny Wilson's side.
Wilson is now hoping to open talks with Rovers to prolong Nolan's spell at Victoria Park and the player himself would jump at the chance to get more first-team experience under his belt.
"I love it here," Nolan told the club's official website. "It's been a really good move for me.
"It is out of my hands now but I'd love to stay here for a while."