Bowyer has masterminded three consecutive wins alongside Rovers' head of youth Terry McPhillips in the wake of Henning Berg's sacking two days after Christmas.
It was announced last week that the duo would take charge of first-team affairs until the end of January but Bowyer fully understands the now probable changes to that arrangement.
"As we stand we expect to be taking the team at Wolves," he said.
"As far as we're aware we were told we had it until the end of January but, like I stressed last week when that announcement was made, we understand that anything can happen in that month.
"That seems to be what's happened at the moment. The club have made an approach and it's an official approach."
He added: "To be perfectly honest, it's nothing to do with me. It's a board matter. I think it would be wrong of me to comment on a manager at another football club."
Bowyer completed the one-month loan signing of Chelsea youngster Todd Kane on Wednesday and the England Under-19 right-back is unfazed about the prospect of making his debut at Molineux against a backdrop of uncertainty at his new club.
"I've come here and have been asked to do a job and that's all I can do until my time runs out," Kane said.
"If Chelsea agree to extend it or Blackburn want to extend it, it's up to what Chelsea and Blackburn want to do. I'm just here to do a job until my loan runs out."