Wright-Phillips has slipped down the pecking order at Eastlands and with the prospect of only limited playing time under Roberto Mancini, may be tempted by a move.
The winger's situation has come to the attention of Coyle who is a huge admirer of his direct style of play.
Coyle is aware Wright-Phillips will not come cheap in terms of transfer fee and wages and is looking at ways of finding space in his squad.
"A number of things must happen for a deal to come off," Coyle said when pressed on a likely bid for the England man.
Meanwhile, injured Bolton midfielder Stuart Holden admits he cannot wait to make his comeback, but remains wary of rushing his rehabilitation.
Holden was ruled out of action for up to six months in March after a challenge from Manchester United defender Jonny Evans left him with a damaged knee.
"There have been different phases of rehab. I was on crutches, then I was limited in my walking and now I'm starting to do a little bit more work,'' the 25-year-old told the club's website.
"It is like someone is dangling the carrot in front of you and the obvious end goal is getting out on the pitch. I can't wait for that moment, but I'm pleased with my progress and I'm taking it one step at a time."
"I'm hoping to be back maybe at the end of September or early October, but I don't want to put a date on it."
Bolton have also announced that Tope Obadeyi has agreed a one-year contract extension at the Reebok Stadium.
Obadeyi, 21, has spent time on loan at Swindon, Rochdale and Shrewsbury but is now hopeful of forcing his way into the first-team.
He told the club's official website: "I'm happy to have signed for another year. I felt like I was playing well for the reserves towards the end of last season and now I've got to kick on.
"I've been here since I was 16 and now hopefully I can force my way into the manager's plans because he's shown faith in me offering me another year."
Bolton's squad commenced pre-season training this week and fly out for a US tour this weekend.