Armstrong scored a second hat-trick of the season in the 5-2 win over Huddersfield Town and now has 25 goals this season for the Championship club.
The 24-year-old will move into the final year of his deal this summer, which unless he extends that beyond 2022, means the upcoming window offers Rovers’ best chance of recouping a big fee for the striker.
Asked if Rovers still held hopes of holding onto Armstrong, Blackburn manager Mowbray told the Lancashire Telegraph: “Let’s wait and see. Footballers are always in charge of their contractual situation, they sign the deals or they don’t.
Rovers’ top scorer signed for the club from boyhood side Newcastle United in 2018 for around £1.75m, taking a pay cut in the process when penning a four-year deal.