The Seasiders boss has completely dismissed his club's hopes of re-signing the QPR striker, who left the Championship outfit last summer but found appearances hard to come by
The 30-year-old has enjoyed three separate spells with Holloway's side having first joined the club on loan, racking up 72 appearances and 36 goals in the process.
Campbell arrived at Loftus Road last year in a £1.2 million deal, but despite making only 10 Premier League appearances during the 2011-12 campaign Holloway believes his wages at QPR would end any chances of a transfer.
"We are about as close to re-signing DJ Campbell as there is of me wearing high heels and calling myself Sheila," Holloway told the Blackpool Gazette.
"I don't think there's a chance in a million years we'll be able to do a deal to get DJ back.
"Because of how much they are paying him at the moment at QPR, it's not going to happen."
Campbell's debut season with QPR last campaign was plagued with injury and he scored only one goal for the London club.