Anelka told L'Equipe: "The chairmen (of Bolton and Chelsea) are discussing it. I really hope it happens - and especially that I am eligible to play in the Champions League.
"But until the contract is signed and I am presented to the press in my new shirt, nothing is done."
And the 28-year-old insists that would not be a step backwards.
"I want to go to a bigger club and that's what City have become under a manager such as (Sven-Goran) Eriksson, who I was ready to join in 1999 at Lazio," added Anelka.
"Staying at Bolton, where I am very happy, wouldn't be a punishment either."
And agent Doug Pingisi is sure the in-form frontman is destined to leave sooner rather than later.
"Nico is ready to join a club at the height of his talent and his football," he said. "I would love to see him sing the Champions League anthem every year."