The Mirror says Megson wants the Barcelona star to return to the Reebok and fire the Trotters to safety.
Gudjohnsen has fallen out of the picture at the Nou Camp this term and has been offered the chance by Megson to make a loan switch until the end of the season.
The Icelandic striker started his career in England with Bolton back in 1998 and is still considered a cult hero.
And after failing to make a single league start under Frank Rijkaard this season, Megson hopes to land him before the transfer window slams shut.
Gudjohnsen has been waiting for an offer to return to the Premier League and had been waiting for the call from Liverpool or former club Chelsea. But the striker - signed for £8m by Barca in the summer of 2006 - could use a temporary switch to Bolton as a platform to put him back in the shop window.