Reports have suggested the Trotters had successfully bid £5million for Spain Under-21 international Jeffren, who is also wanted by Atletico Madrid and Valencia.
But the forward's failure to get in touch with Coyle has led the Bolton boss to begin to look elsewhere and specifically at last summer's target, Liverpool forward N'Gog.
"I don't wait and see with anyone," Coyle told The Bolton News. "Either you want to play for this football club, or you don't.
"I have not talked to Jeffren or his representatives, so the story makes it out that it's a bit further down the line than it is, but if it isn't going to happen, then we'll move on."
It was revealed at the weekend that Nigel Reo-Coker has been in the north west for talks with Bolton, while deals are also imminent for Burnley duo Chris Eagles and Tyrone Mears.
Former Burnley boss Coyle said: "I think Burnley have made public that the offer has been accepted and they are both very good players who I know well from my time there.
"But they are not signed yet. We still have some negotiating to do.
"I'm in negotiations with a number of players but until they are signed and sealed we won't go making a song and dance about it."
Meanwhile, Coyle has confirmed striker Tom Eaves has escaped cruciate ligament damage, following an injury against Orlando, and is likely to only be sidelined for six weeks.
"We've had the scans and we don't think there has been any major damage," he said. "We're looking at one or two months as opposed to nine to 12, so obviously we're absolutely delighted."