Litex Lovech had earlier put a statement on their website suggesting that a deal had been concluded and the 22 year old would soon be at Ewood.
But Rovers chairman John Williams said: "He is one of a number of strikers currently under consideration. We have not made an offer to his club."
The Litex statement read: ''Negotiations have been completed between the club, Blackburn and Ivelin Popov. All three parties are satisfied with the arrangements. Ivelin Popov will be back in Bulgaria on Thursday to collect their luggage and to submit documents for a British work visa and next week will join Blackburn.''