The Clarets are bracing themselves for an imminent approach from Wanderers chairman Phil Gartside, whom Press Association Sport understands has already sounded out Coyle about a move at a meeting in Glasgow yesterday.

It appears Coyle is keen to return to the club where he enjoyed two and a half seasons as a player but for that to happen Bolton will have to come up with more than £3million in compensation.

That clause was inserted into the Burnley manager's contract when he signed a 12-month extension to his existing three-year deal in the summer, having turned down boyhood club Celtic.

Gartside short-listed Coyle for the Bolton manager's job before he appointed Gary Megson in October 2007 and subsequently recommended him to Burnley, where the Scot took over the following month.

When Megson was sacked last week Coyle was installed as Gartside's top target and it appears the ambitious 43-year-old would welcome a move.

Having got Burnley promoted to the top flight for the first time in 33 years Coyle has had to work on a shoestring budget and has frequently remarked that the likes of Lancashire rivals Bolton, Blackburn and Wigan are all operating with at least three times the finances at his disposal.

Coyle has never hidden his affection for Bolton, where he played between 1993 and 1995.

Prior to the Boxing Day visit of his former club the Scot admitted Wanderers were "a club very close to my heart", adding "I had a lot of fantastic times at Bolton and loved every minute".