Klasnic spent last season on loan at the Reebok Stadium and made a good impression on Coyle, who took charge in January.
The path has now been cleared for Klasnic to return to the club after his departure from Nantes was confirmed on Monday.
Coyle is planning talks with the 30-year-old, but says there is a long way to go before a deal can be agreed.
The Trotters manager conceded last week that Klasnic's wages could prove to be a stumbling block.
"He is a player that I always liked and a player we'd like to have, but there is more involved than that, such as finances, and we'll see what develops," Coyle told Sky Sports News.
"I think the world of him and he loves the football club, he's popular, but there's a little bit of water to flow under the bridge before that happens."
Asked if there had been further talks, Coyle replied: "There will be."
Klasnic, meanwhile, insists he is not under any pressure to find a new employer.
The 30-year-old is currently training in Germany and told French media: "I believed that for both me and Nantes it was the best solution (to cancel the contract).
"I could not see myself playing in Ligue 2, and Nantes didn't have the right resources.
"I know I will find a new club. I am under no pressure and I have two or three options."
Meanwhile Coyle has said he is even less optimistic about his chances of recruiting Wilshere for a second loan spell.
Wilshere linked up with Bolton for the second half of last term but Arsene Wenger has indicated he will keep the highly-rated midfielder at Arsenal this season.
Questioned on the possibility of another loan deal, Coyle said: "If you go by all the quotes attributed to everyone, probably less likely.
"I feel he is a far better player for his six months at Bolton and if he does become available then we'd love to have him.
"I understand why Arsene would want him around, but I think he is at the stage when he has to play to play to continue the progress he has made.
"Ultimately it is Arsene's decision and we are very respectful that Arsenal were very good to us last season in loaning Jack."