The winger has already rejected advances from Valencia and Getafe this summer in a bid to try and get back into the Real Madrid team - but sources within the club Bernabeu, say that the club are desperate to get rid of the player.
The Trotters have been chasing the midfield man all summer.
A season-long loan move to The Reebok could suit both Real and Bolton equally if the player was convinced it could help his career in Spain.
Source: DSG