Nolan, 22, has been on loan at the Iron from Preston North End since the start of the season, making 24 appearances.
A transfer fee has long been agreed with the Lilywhites and the Republic of Ireland U21 defender has been mulling over a contract offer.
His loan ended after Monday's 2-1 home loss to Watford, with the club still waiting for him to accept or turn down that deal.
Supporters had assumed he would not be accepting the offer, preferring either to try his luck back at Deepdale - where David Unsworth is now caretaker manager following the sacking of Darren Ferguson - or seek a move elsewhere.
His agent asking for talks with Baraclough has given the Iron boss some hope that Nolan will stay in North Lincolnshire.
"The fact he and his agent want to talk to us suggests there is still room for hope. Eddie is a player we want to keep here at the club - and he knows that," he told the Scunthorpe Telegraph.