The former Leeds and Luton boss has been out of work since leaving Sheffield United in August 2010.
But the 53-year-old has confessed that he is watching developments at the KC Stadium closely following Nick Barmby's dismissal on May 8.
Blackwell told the Hull Daily Mail: "It's nice to be associated with Hull City. They're a club that can match my ambitions.
"We'll see where it goes but at this moment in time it's all speculation and that's how I'd like to leave it."