The Trotters chief has held preliminary talks with the 22-year-old Mexican winger over a proposed move to the Reebok Stadium, and will use part of the cash generated by the sale of Gary Cahill to fund the move.
Spurs boss Harry Redknapp has used Dos Santos sparingly at White Hart Lane this season, but turned down a £3.4million bid from Sevilla for the player's signature, holding out for a higher transfer fee.
Coyle wants to boost his forward department as he looks to push Bolton away from the relegation zone - and believes that the Tottenham starlet can improve his squad further.
Dos Santos moved to north London with a big reputation from Barcelona in 2008, but has failed to ever make his mark in the Spurs first-team.
However, Redknapp still rates the Mexican international at around £8million - which could prove to be a problem for long-term admirer Coyle, who first tried to sign Dos Santos on loan during his time at Burnley.
And with negotiations in advanced stages over the signing of New York Red Bulls defender Tim Ream - the man tasked with filling the boots of Chelsea-bound Cahill - Bolton will have whatever is left from the £7million received to agree a Dos Santos deal with Spurs.