Coyle is waiting to hear from the players' agent to see if he wants to extend his Bolton career into a 14th season.
"We've put in an offer to Ricardo's representatives and we'll wait to see what happens," he told the Bolton News.
"He had a difficult season with injury but he came back after the loan spell at Preston North End and showed he wanted to be part of what we're doing.
"As a football club we have been held back because players have been injured, and that takes up finance that we could use.
"It's up to him now. If he wants to sign, absolutely brilliant, and if he doesn't we'll move on."