Mulgrew, 31, suffered an ankle injury just 15 minutes into the game against Northampton Town earlier this month and was forced off, being replaced by Amari'i Bell.
It was rumoured that Birmingham City were plotting a late bid to bring the former Celtic man to St Andrew's, however, his ankle injury may have put them off their pursuit, which, ironically, could bode well for Mowbray and Rovers.
The Blackburn skipper is set to undergo a scan to determine how severe the damage is and the length of his spell on the side-lines.
According to the Lancashire Telegraph, Mowbray said: "Let’s wait and see, he’ll have a scan. This is why you have a squad, why Amari'i Bell was brought in to the football club.
“Derrick Williams has shown me, he started his career as a centre half and has a fantastic leap, he's probably more competitive in the air than Charlie, so let’s wait and see.
“I don’t sit here worrying about it, I sit here thinking that Derrick can cope with it and Amari’i can be an attacking threat in games that we’re trying to win."
Mulgrew has been a vitally important player for Blackburn since his arrival from Celtic ahead of last season.
The versatile defender-cum-midfielder has also been impressive on the scoring front, leading the club in terms of goals this season with 11 in 26 league appearances.
Mowbray will be hoping he has his captain back fit sooner rather than later, as the club push for promotion to the Championship at the first time of asking.