The former Bayern Munich star is determined to join a bigger club and has been linked with several clubs, including Manchester City.
City made several bids for the Praguay international in the January transfer window.
“I felt I had needed to give back the club everything they gave me with more effort by playing another season,” Santa Cruz told Fox Sports en Latinoamerica. “Being threatened by relegation stopped me moving.
“My task at Blackburn is done, (the board) knew how I was thinking when I arrived to the club.
“I came here for continuity, to get up to pace again and I did pretty quickly. My intention was always to get in shape and then move to a big club.
“The transfer window put me in touch with people very interested in having me and of course I’m seduced by the idea of playing at very big club again.
“The Blackburn board are aware of that and accept it, but then we were in the relegation places and playing in the top flight is priceless for them. I understand that.”