Coyle met Clarets chairman Barry Kilby tonight to clarify his future after being given permission to talk to their Barclays Premiership rivals.

However, according to a Burnley statement, both parties are taking 24 hours to think things over.

The statement read: "Senior Burnley officials have, on Monday evening, held detailed talks with first team manager Owen Coyle over his future at Turf Moor.

"As a result of these talks over Coyle's future with his current employers, both parties have decided to take a further 24 hours to digest the information shared before making any further announcement.

"There will be no further comment during this time from Burnley or Owen Coyle."

Coyle is though to be keen to return to the club where he enjoyed two-and-a-half seasons as a player in the 1990s.

But apparently Bolton will have to come up with more than £3million in compensation.

It is understood that a clause was inserted into the Scot's contract when he signed a 12-month extension to his existing three-year deal in the summer.

There have been reports that a financial agreement has been reached, although they remains unconfirmed.

Bolton chairman Phil Gartside short-listed Coyle for the manager's job before he appointed 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 steered Burnley to promotion to the top flight for the first time in 33 years Coyle has had to work on a shoestring budget.

He recently remarked after the Boxing Day fixture with Bolton that they had three times Burnley's budget.

Megson failed to win over a section of the fans during his 24 month reign and Bolton Supporters' Association spokesman David Blackburn said Coyle would an ideal appointment.

"I think he can help us turn a corner," he told the Bolton News. "The fans love him, and I'd like think we have got a bit more about us than Burnley in terms of money, potential and stadium.

"He plays the right kind of football that can get people back interested in the club and back into the Reebok.

"The first thing he has to do is keep us up, but he's exactly the right man to do it."

It now looks likely that Bolton caretaker manager Chris Evans, assisted by coach Steve Wigley, will take charge of the team to face Arsenal on Wednesday at the Emirates Stadium.