The Belgian took the reins at Bloomfield Road in June, but his short tenure at the Championship club has been riddled with problems.
Blackpool struggled to recruit players during the close-season and the club have lost six of the competitive fixtures played under Riga's stewardship, a goalless draw at home to Wolves last Saturday ending their losing streak.
The Lancashire club's troubles led to a frosty relationship between manager and chairman, with Oyston claiming Riga had acted unprofessionally by returning to Belgium without permission during the recent international break.
Riga's time at the club appeared to be on thin ice with Burton Albion boss Gary Rowett revealing that he held talks with Blackpool before opting to remain at the League Two club, after Owen Coyle had also been linked with the job.
It now appears as though former Charlton boss Riga will stay on in the role.
"After the [Wolves] game, Jose Riga and I had a really productive chat for more than an hour, one which was much-needed," Oyston told the Blackpool Gazette.
"We discussed what's right, what's wrong and what we need to do better, particularly between ourselves.
"We had a lengthy chat and covered everything, no holds barred. It's now about how we both respond to that.
"I'm happy to give him the support he needs and hopefully things can move forward now."