The Trotters expressed an interest in signing the Newcastle midfielder during the January transfer window, but saw a £2million bid knocked back.
However, events of the last week appear to have made Barton's relationship with the St James' Park coaching staff untenable and he looks destined to leave the club at the end of the season.
Following his red card antics during a 3-0 defeat at Liverpool and a reported subsequent row, Magpies boss Alan Shearer suspended the one-cap England international indefinitely.
Newcastle could, therefore, be willing to accept a cut-price offer for Barton, with Megson likely to be leading the race for his signature.
"We had an interest in Joey in January," said the Bolton manager.
"There are obviously issues but he does play his football for somebody else so we need to respect that.
"We can't talk about other people's players."