Blake, at 34, was resigned to training with Leeds United until the call came from Coyle to prolong his Premier League career.
He told the Bolton News: "I want to keep playing on. I feel strong, fit and hopefully I can keep the little legs going.
"My main focus is doing as best I can and, if I get a chance, make sure I take it.
"You look at how teams like Fulham and Stoke have done recently and I think we have got better players than they have, individually.
"The manager will get us playing the way he wants to play, so anything is possible at this level. You just need to stick together and you can really achieve anything."