The two parties were reported to be in discussions, but Holloway said the move is now unlikely due to financial reasons.
Campbell, 30, quit Bloomfield Road to join Rangers last summer following the club's relegation from the Premier League.
"I don't want to tell our fans that we might get DJ Campbell back. I don't think there's a chance in a million at the moment of doing that, because of his club, what they're looking for and how much they're paying him at the moment," Holloway told BBC Radio Lancashire.
"He's got another couple of years on that so does he need to take a cut or go backwards? I don't think so. Will they pay him some of the rest of the money? I don't think so.
"Why should he lose out? Whether they want him or not, they have to honour the contract. It's nobody else's fault other than what QPR decided to pay him when they took him on."
