Solano did become the part-time first-team coach of Newcastle Benfield but moved back to his native Peru where he gained his first full managerial experience at one of his former playing clubs, Universitario de Deportes.
Despite early success with the Primera Division side, he left the club in December 2012.
The Bury job has been vacant since Blackwell's departure, after he paid the price for a run which has seen Bury slip to 21st in League Two, just six months after he was unable to prevent the club being relegated from League One.
Ex-Leeds and Coventry striker Noel Whelan has also put his name forward and Steve Kean, who had a turbulent tenure at Blackburn, has been strongly linked with the job.