The 30-year-old has been linked with a return to Bloomfield Road, but Holloway has revealed that he does not see Campbell re-joining the Championship side in the near future.
Holloway told BBC Radio Lancashire: "I don't want to tell our fans that we might get DJ Campbell back. I don't there is a chance in a million at the moment because of his club, what they are looking for and how much they are paying him at the moment.
"It's nobody else's fault other than what QPR decided to pay for him when they took him on."
Campbell scored 14 goals for Blackpool when they were promoted to the Premier League in 2010.