The Nigerian hit 17 goals in the league but could not prevent Steve Kean's side dropping out of the top-flight after an 11-year stay.
Despite having previously positive experience of the second tier with Portsmouth, Yakubu admitted he had no intention of dropping back to that level.
"I still have two years left with Blackburn, but I played in the Championship before," he told reporters.
"It was good but I don't want to play in there again."
The 29-year-old did concede that he has enjoyed his time in Lancashire after moving to Ewood Park in a £1.5 million deal from Everton on transfer deadline day in August.
"In football, you never know what is going to be," he continued. "But Blackburn really has been a part of me.
"I felt at home there but we'll see what is going to happen. I think it's too early to say whether I'll be moving on. I may be in the Championship. I may be in the Premier League."