And after a week of mounting speculation he appears ready to pounce for a manager whom he recommended for the Burnley job two years ago.
Bolton have refused to comment on speculation regarding a successor to Gary Megson, although betting has now been suspended by some bookmakers on the appointment of Coyle.
The Clarets have also kept a low profile with Coyle skipping the routine post-match press conference after Saturday's FA Cup third-round win at Milton Keynes.
Coyle's assistant Sandy Stewart said Coyle was catching a plane to Scotland but his non-appearance did nothing to dampen speculation about his Turf Moor future.
Coyle took over at Burnley two years ago and led them back into the top flight for the first time in 33 years, earning praise for the style of football he imposed.