Nolan, who can play anywhere along the backline, moved to Glanford Park on loan in the summer after finding himself out of favour at Deepdale.
He has impressed in North Lincolnshire and Ian Baraclough, the Iron manager, is keen to keep him at the club. A fee was agreed with Preston when Nolan joined on loan.
Although Baraclough did not reveal the potential fee, the Lilywhites were asking for £50,000 in the summer - a price Sheffield Wednesday were unable to meet.
"We put a very good contract offer to Eddie quite early and he's had that to mull over for a while," said Baraclough, speaking to shareholders at the club's annual general meeting on Monday night.
"We know we've still got to tie that up as soon as we possibly can, but it's up to the player at the end of the day and if he's willing to just wait for someone else then that's something we have to live with.
"I want Eddie here and he knows that with the contract he's been offered, and he knows he'll get first team football here."
Baraclough also seemed to confirm the prospect of Paul Hayes joining the club for a third time.
Hayes left the Iron for Preston in the summer, the second time he had turned down contracts to stay at Glanford Park. His time in Lancashire has not been successful, and he is currently on loan at Barnsley.
"Hayes is someone who I have kept in contact with. He's rang me from time to time. He's not been happy at Preston and I've given him advice," said Baraclough when asked about the possibility of re-signing the player.
"I think the reason he turned to me was because we got on so well here. If he was to ring, or if his agent was to, then I would be silly not to think about it and not to put something to him. If there is a chance to bring him back at some stage I'm sure we'd not be the only club in for him."
Hayes first moved to Glanford Park in December 2002 on loan, making the move permanent that summer. He left for Barnsley on a Bosman transfer in June 2005 having scored 34 goals in 116 appearances all competitions.
After leaving Oakwell he returned to Glanford Park in June 2007, netting 40 times in 150 outings before once again exercising his right to a Bosman move to head to Deepdale this summer.
He has scored three times for Preston this season in 12 appearances, and has not netted in his five appearances on loan for Barnsley.
Baraclough said he expects to sign "two or three" players on permanent deals in the January transfer window, and that he hopes to keep the forward Freddie Sears - on loan from the Premier League side West Ham United - until the end of the season.