Hoilett has impressed this season in a struggling Rovers side, but his contract at Ewood Park expires at the end of the campaign.
The potential availability of the 21-year-old on a free transfer is reported to have alerted the likes of Liverpool and Spurs, and Hoilett is now allowed to discuss a summer move with interested parties.
According to Bolton News, both Liverpool and Spurs are ready to take a chance on Hoilett - although not until the end of the season - which will allow Bolton the opportunity to try and secure a deal this month.
The Trotters have raised £7 million from the sale of Gary Cahill to Chelsea and, it is expected, Owen Coyle will have the vast majority of this to spend during the transfer window.
The Bolton boss is reported to be keen to use a chunk of this kitty to land Hoilett who, should he move to the Reebok Stadium, would be leaving one relegation-threatened club for another.
Hence, a transfer to Liverpool or Spurs would surely be far more appealing for the Canadian.