Alejandro Alfaro could be signed from Sevilla to help fill the void left by the departures of Johan Elmander and Daniel Sturridge.
Bolton Wanderers working on deal for Spanish winger Alfaro
The 24-year-old winger has just 12 months remaining on his contract with Sevilla and is expected to cost ?1.5million (Dh7,91m) to bring to the Premier League.
Though Bolton have told England centre back Gary Cahill he can leave the club if they receive a sufficiently lucrative offer - Manchester City are among the interested parties - Owen Coyle has a limited budget to spend on new recruits. Sevilla, in turn, need to raise cash to fund a bid for Pablo Osvaldo, the Espanyol striker who has drawn ?10m offers from Tottenham Hotspur and Fulham but is valued by his club at ?18m.
Along with Alfaro, the manager is attempting to secure Rodrigo Moreno on a permanent deal from Benfica after a successful season on loan, but has been quoted a price in excess of £5m (Dh29,94m). Having lost Johan
Elmander on a Bosman move to Galatasaray, Coyle would also like to keep Daniel Sturridge at the Reebok Stadium if Chelsea can be convinced to do further business on the young striker.