Evatt struggled following his move to Loftus Road from Chesterfield in 2005 and was transfer-listed by former Rangers manager Ian Holloway just six months after arriving to a huge fanfare.
Holloway had compared Evatt to former Rangers favourite Glenn Roeder.
Evatt was given a fresh start when Holloway was replaced by Gary Waddock, but he too then decided the defender was surplus to requirements.
Current R's boss John Gregory, who knows Evatt well from their Derby days, has shown no interest in having the player back at the club since taking over.
Evatt has done well since returning to the division he impressed in with Chesterfield, and Blackpool are keen to keep him.
Talks are ongoing and Evatt's move is expected to be rubber-stamped in the next couple of weeks.
Meanwhile, Stefan Moore is set to return to Port Vale, either on loan again or by agreeing a permanent switch.
And Wycombe have been told they can sign Tommy Doherty but are yet to decide whether they want to.
Doherty made 15 appearances for Wycombe during a recent loan spell - as many as he has made for QPR since being signed 18 months ago.