Former West Brom boss Ismael has been out of work since being sacked by Watford in March 2024.
Gary O'Neil, highly thought of by the Blackburn board, has already ruled himself out of the running to replace John Eustace at Ewood Park.
The 41-year-old is available after leaving Wolves in December, whilst Eustace departed Rovers earlier this month.
His exit came after agreeing to take charge of strugglers Derby, where he has signed a deal through to the summer of 2028.
Eustace has since lost each of his two matches in charge of the Rams as his former club continue their search to replace him.
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Long-serving assistant manager David Lowe is currently in caretaker charge.
Following wins over West Brom and Plymouth, Rovers were beaten 3-0 at Swansea on Saturday.
Meanwhile, Ismael has previously had spells in charge of Barnsley, West Brom and Watford in the Championship.
His last role with the Hornets saw the club win 12 of the Frenchman's 40 matches as boss.
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Ismael guided Barnsley into the play-offs in 2021 before his move to the Hawthorns, where he remained at the helm for eight months.
The former defender would arrive at Ewood Park with Blackburn sixth in the table with 12 matches remaining.
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Rovers currently sit a point clear of seventh place Coventry despite Saturday's away defeat.
A top six finish and qualification for the play-offs would mark Rovers' best season since relegation from the Premier League in 2012.
Their seventh place finish two seasons ago is currently the highest they have ended a campaign in the last 12 years.
Ismael's first match in charge could come this weekend, with the club hosting Norwich on Saturday afternoon.