Rovers had the likes of Newell, Alan Shearer, Chris Sutton and Kevin Gallacher on their books when they won the title but are currently searching for a striker after struggling for goals up front in recent times.
Newell told the Lancashire Telegraph: "I think any successful side needs good strikers and particularly in the Premier League. That's the difference.
"But all of Sam's sides are well organised and if he can just add a little bit of quality here and there, as he did at Bolton, then he'll have a chance of getting them even higher.
"He's got a proven record and after Blackburn fighting for so many years against relegation, it's important he does get them stabilised and in a comfortable position."