The 42-year-old was recently sacked by the Blues following their poor start to the Championship campaign.
The former Huddersfield Town boss kept the Midlands outfit in the second tier last season with a dramatic final-day draw at Bolton Wanderers.
It is thought that Clark has held talks with Blackpool chairman Karl Oyston with a view to completing a deal today.
According to the Blackpool Gazette, Clark is eager to make a quick return to management and is keen on the role at Bloomfield Road.
Should a deal be agreed in the coming days, Clark's first match in charge could be against Ipswich Town on Saturday.