Markanday was offered a new contract by Spurs, but knocked it back as he is looking for more first team opportunities.
While the young winger made his debut for the Spurs senior team this season, he has been a fixture of the Under-23s squad in north London.
Rovers manager Tony Mowbray admitted in midweek that he was a player that would be suited to his plans and now the winger seems to be heading his way; the deal could be confirmed next week.
Blackburn are close to agreeing a deal that would bring Markanday to Ewood Park on permanent basis, which would be an initial £500,000 rising potentially to over £1m, with his contract in north London up in six months.
While the Riversiders are closest to snapping up the winger, other Championship clubs such as Stoke City, Bournemouth and Nottingham Forest are also following him.
The Riversiders are currently third in the Championship, mounting a promotion push and with the signing of Markanday they will be hoping to improve their chances further.
Markanday has been prolific for Spurs Under-23s this season, smashing home 12 goals and providing five assists in 14 Premier League 2 games.
The deal with Blackburn also includes a sell-on clause.
