Campbell, 28, helped fire Ian Holloway's side into the top flight by scoring 11 goals in 17 starts after arriving on loan in January.
The striker is desperate to seal a permanent switch but fears the Foxes may price him out of a move.
He said: "I had a little word with Ollie and he wants to sign me.
"I want to come, so it is just a case of hoping that Leicester don't do something silly.
"Everyone in Blackpool knows how much I love the club.
"To go up with Blackpool is a massive high point of my career and I am confident we can survive next year."