Bannan spent a significant part of last season at the Bloomfield Road side where he became a key part of the club's promotion charge to the Premier League.
His stint at the Lancashire outfit concluded at the end of the campaign and the Scottish midfielder will return to parent club Villa for pre-season training after signing a new long term contract with the Midlands outfit.
The 20 year old told the Blackpool Gazette: "Although it's over now, we'll see what happens in pre-season. I am obviously going to go back to Villa and give it a go.
"But if it doesn't work out then I'll have to look at other options, maybe a loan move again.
"If it happens then even if Blackpool were still in the Championship I'd come back, because the gaffer has been absolutely brilliant with me.
"All the boys have been great too and I've made good mates. So this could be one of the top options if I was going to come out again."