The 22-year-old looked destined to join the Eredivisie side this summer having passed a medical in Arnhem, while a reported £2.7million transfer fee had been agreed.
However, negotiations over a potential five-year contract collapsed, opening the door for Rovers to make their move.
Vitesse technical director Ted van Leeuwen admits the Dutch club now look likely to miss out on the youngster's signature, with Steve Kean's side close to completing a deal after reportedly tabling an offer.
He told Omroep Gelderland: "It looks like a deal will be made (with Blackburn), so it will be hard for us."
Petrovic, capped 18 times for Serbia, has established himself as a key player in Belgrade since his 2008 arrival.
He would mark Rovers' first signing of the summer, with the Lancashire side having failed to strike in the transfer market so far.
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