"We are about as close to re-signing DJ Campbell as me wearing high heels and calling myself Sheila," Holloway told BBC Radio Lancashire.
"I don't want to tell our fans that we might get DJ Campbell back. I don't think there's a chance in a million at the moment of doing that, because of his club, what they're looking for and how much they're paying him at the moment.
"It's nobody else's fault other than what QPR decided to pay him when they took him on.
"He's got another couple of years on that so does he need to take a cut or go backwards? I don't think so. Will they pay him some of the rest of the money? I don't think so.
"Why should he lose out? Whether they want him or not, they have to honour the contract."