Coyle made a move to sign the out-of-favour Wright-Phillips in January, but a deal failed to materialise due to reported issues over the 29-year-old's price.
However, Coyle says Bolton still have Wright-Phillips on their radar, although they are yet to reopen talks with City over a potential move.
Coyle said: "Shaun's a terrific player but there are a number of things that must happen for a move to come off.
"So, as yet, there's not been any dialogue with Manchester City about Shaun, a fee or otherwise.
"I'm reluctant to speak about other team's players but there's no doubt he's very talented."
Reports in January suggested Wright-Phillips, who is out of contract at Eastlands next summer, would be keen on a move to the Reebok Stadium after finding playing time at City limited.
The winger made just seven Premier League appearances for City last season, taking a backseat to the likes of James Milner, Adam Johnson and David Silva.
A move could become more likely if Bolton part ways with their star defender Gary Cahill, who is reportedly a target of Arsenal and Tottenham.