Graham hasn't lived up to the £5million paid for him by the Black Cats back in January 2012 having scored just the one goal in 39 appearances in all competitions with the strike coming against Everton in the 2014/15 season.
The striker's contract will run out this summer and it is expected to be wanted by many clubs with championship duo Birmingham City and Wigan Atheltic and Scottish giants Celtic and Rangers all linked with a move for the 30-year-old.
The Englishman rejuvenated his career after he made a loan move to Lancashire back in January scoring seven goals in his 18 appearances and the new coach at Ewood Park Owen Coyle is hopeful to secure a return for the striker.
Coyle told the Lancashire Telegraph that Graham is a "outstanding player" that Coyle has "always liked" but admitted "giving his situation" Coyle has "no doubt" that Graham will have some "very big offers on the table."
He continued saying that he will "work within everything" that Rovers have at their disposal to "bring those players in" but admitted that if Coyle can "get him to the football club" it "remains to be seen" as he is well aware that he will have some "very big offers."
Graham isn't the only striker that is expected to leave Wearside with the contract of Steven Fletcher who has been on loan at Ligue 1 side Marseille since January will also expire.
Sam Allardyce is expected to be in the market for a striker this summer and it is reported that they have tabled a £11m bid for West Ham United's Diafra Sakho.
Sakho was signed by Allardyce from Metz back in 2014 and it is expected to be allowed to leave the Hammers who are currently in the market for what is believed to be several strikers.