Rachubka damaged his right knee in what looks to be a recurrence of the problem which kept him out of action for the first half of the season.
The 29-year-old is being assessed and could be set for another lengthy spell on the sidelines, leaving the Seasiders with only one senior goalkeeper available in Richard Kingson.
Fellow stopper Matt Gilks, who has been out since November due to a knee injury, is still several weeks away from a return and with Kingson recently taking some knocks as well, Holloway feels the club's case for making an emergency signing is compelling.
Last year the Premier League allowed Manchester City to bring in goalkeeper Marton Fulop on loan from Sunderland for the last three matches of the 2009-10 campaign and now Blackpool want to do something similar.
"We are going to have to try,'' Holloway said. "Richard won't mind me saying this - he is probably more patched up than anybody I've got in my squad. He is a wonderful lad, but he was injured last week when he split his head open, and he had a bad knee the week before that.
"So I think we can easily prove that we are a little bit short and hopefully common sense will prevail. We reported it straight away and I'm sure we can prove we need another one in - it's just who, and from where.''
Holloway admitted the signs were not looking good for Rachubka.
"He's come through those five or six months, got himself fully fit and then an injury in training, and he's gone - he might be out for another six months, we don't know yet,'' Holloway said. "The symptoms are the same, it was caused by the same movement and it is in the same area, although it is not quite the same severity of swelling.
"My physio has told me he thinks he has done it again. It's the worst thing in the world for him - we are all hoping that the physio has got it wrong, but I don't think so.''
Holloway suggested it might take Gilks, who cracked his patella in a match against West Ham, up to six weeks to be fully match fit again.
"His injury is fine, but it was that bad an area of his body that he couldn't bend or move, he has had muscle wastage,'' Holloway said. "His knee cap is repaired but his thigh on the inside is just gone, so we have got to build that up before we can let him play again.''