That is the only stumbling block as Coyle has already expressed a wish to move on and Bolton - who meet Arsenal tonight - hope to have him in place against Sunderland on Saturday.
Coyle led Burnley into the top flight this season for the first time in 33 years after arriving in November 2007.
But he believes Bolton to be a better option and looks set to replace Gary Megson, who was sacked last week.
Caldwell said: "Owen has been fantastic for most people at the club and lifted us to the level (Premier League ) where we wanted to play. That's testimony to the man and the manager.
"But to all intents and purposes he's gone. There is no person bigger than the club and we will move on with the players we have here and whoever the new manager is.
"We want to keep the momentum going and make sure we finish the job we've started this season. That is maintaining our Premier League status.
"Hopefully the new manager will take us on to a new level, which is as an established Premier League club - something which would be a fantastic achievement."
Caldwell is currently sidelined with a groin injury but is planning to take in the crucial home game against Stoke on Saturday.
Coach Steve Davis could be in charge for that match if Coyle completes his move.
Caldwell added on the club's website: "It's an extremely frustrating time for me to be out injured.
"But I will still be doing my best to help the lads in any way possible. Whoever is in charge, if they want me to help I will be around to do whatever I can."