The club's new Indian owners, Venky's, have said that their local office in Brazil is negotiating a three-year deal with Ronaldinho's manager and they are prepared to do whatever it takes to land the former FIFA World Player of the Year.
Venky's chairman Anuradha Desai told BBC Radio Lancashire: "He is keen to play in the EPL (English Premier League) and I think that goes in our favour. To be precise (it is) €7.6m (10.1m dollars) for first year and about €8.5m (11.3m dollars) for the second and third years."
Blackburn manager Steve Kean welcomed the move as a statement of intent from the new owners.
"I know there has been contact made by the owners to representatives of Ronaldinho but I don't know how far down the line it is and whether it will actually happen," he said.
"If any Premier League manager was asked if they wanted to sign someone who has been World Player of the Year twice they would be interested. That is something that puts us on the map in terms of trying to bring players of that stature to the club.
"Everyone should look as it as a positive because if we can attract players - maybe not that individual if it doesn't happen - but players of that stature I think it has been a long time since we have been able to do that."
Desai also revealed that Rovers had made attempts to sign former England captain David Beckham on loan from Los Angeles Galaxy.
Ronaldinho is set to close the door on his AC Milan career after leaving their winter training camp in Dubai, coach Massimiliano Allegri confirmed on Saturday.
It had been reported the 30-year-old Brazil international was poised to return to his homeland to re-join either Gremio or Flamengo, having fallen out of favour at Milan this season.
Ronaldinho joined Milan from Barcelona in 2008 but despite occasional flurries of his best form he lost his place in the starting XI after Milan signed Zlatan Ibrahimovic and Robinho last summer.