Tony Mowbray is keen to stay at Blackburn and lead a promotion push from Sky Bet League One next season but admits any decision over his future is down to the club's owners.
Rovers, who were Premier League champions in 1995, suffered relegation to the third tier on Sunday, despite winning 3-1 at Brentford.
A 3-0 victory for Nottingham Forest against Ipswich and 1-0 success for Birmingham at Bristol City made Blackburn's efforts redundant and they drop into League One for the first time in almost four decades.
Mowbray said: "It's going to be a huge summer for us in terms of recruitment, and conversations with the owners are coming - we have to recruit well, be strong next year and bounce back.
"We need to keep our under-contract players. If we do, we will hopefully be too strong for a lot of clubs in League One. We just need to turn the ship around and get promotion."
Britt Assombalonga scored twice and missed a penalty as two-time European champions Forest survived on goal difference.
"Obviously the over-riding feeling is relief - and delight," said Reds boss Mark Warburton. "Delight for the players, the fans and the club.
"It was a huge game for us. We knew what was at stake and the consequences, the significance, the implications. It was a big occasion.
"This is a huge club and now we have to move forward and build. This can never be allowed to happen again."
Harry Redknapp may stay on as Birmingham manager - if they can match his ambition.
Che Adams scored the only goal at Ashton Gate and Redknapp, who signed a short-term deal to replace Gianfranco Zola, said: "I don't need to be chasing work. I work with a few different companies.
"I'll have a chat and see what their (Birmingham owners) ambitions are. If they're ambitious and want to have a go next year, then I'd be interested.
"But I don't know what their plans are, they might have someone else lined up."
Newcastle were crowned champions after they beat Barnsley 3-0 and Brighton could only draw 1-1 at Aston Villa.
Seagulls goalkeeper David Stockdale allowed Jack Grealish's late 25-yard effort to creep in, but boss Chris Hughton refused to be downbeat with Brighton winning promotion back to the top flight for the first time in 34 years.
"We're playing in a division where there are some very big teams, who have spent big money, and we have managed to come in the top two," Hughton said.
Reading will play Fulham and Sheffield Wednesday will tackle Huddersfield in the play-offs.
Following a 4-2 win at Burton, Royals boss Jaap Stam said of the Cottagers: "They are a very good side, but so are we."
Opposite number Slavisa Jokanovic, whose side ended the regular season with a 2-1 win at Hillsborough, said: "Reading are the favourites. We have to try and prepare ourselves and push hard and try and fight for the opportunity to play at Wembley."
Elsewhere on the final day, Huddersfield were beaten 3-0 at home by Cardiff, Norwich were 4-0 winners against QPR, relegated Rotherham drew 1-1 with Derby, Wigan held Leeds to the same scoreline and Wolves grabbed a 1-0 win against Preston.