The Republic of Ireland U21 defender's loan at Glanford Park ended after the 2-1 loss to Watford, with Baraclough unsure whether he would be at training this week.
He has been offered a contract to stay at the club, with a transfer fee already agreed with his parent club Preston North End. He had not given the club an answer by Saturday evening.
"I thought he had a very good game. I don't want to lose him, I'll try up to the last minute to keep him," said Baralough, speaking to BBC Radio Humberside.
"But if he does go elsewhere I wish him all the best and hope he takes his career on further because he is a very good player."
Nolan will have won further admirers after an impressive opening half to the season in North Lincolnshire. He has been a regular in the first-team, making 24 appearances in both full-back positions.
His situation has been muddied further by the change of manager at Deepdale. He apparently had no future under Darren Ferguson, but his departure has left David Unsworth in caretaker charge.
The Lilywhites have also lost the services of four loan players since Ferguson's departure.