Pressure is building on Ken Bates to end Blackwell's reign at Elland Road after a third straight home defeat put the club into the Championship drop zone.
Fans have called for the manager's head with former Charlton boss Alan Curbishley the terrace favourite to take over the hot seat.
A board meeting is planned soon and Leeds' disappointing start to the campaign will be on top of the agenda.
But it is not scheduled to take place before Saturday's visit to Coventry, giving Blackwell at least one more game to extend his near 2½-year reign.
Leeds director and former Whites legend Peter Lorimer said there would be no knee-jerk decision.
He stated: "It's not time to press the panic button. It's difficult when you're getting pressure from the fans and it becomes an awkward situation for the players and the manager.
"But we've got a good squad and we've got to hope Kevin can produce a team to beat Coventry and go from there. We do need a win."
Although Bates' takeover in January 2005 transformed the club's financial position, there is little or no money available to fund the loan signings which Blackwell desperately needs to offset his side's injury list.