The Mail on Sunday says the consequences of failure could be disastrous, with Bolton an estimated £100million in debt and Coyle and 14 players either out of contract or due to leave after loan spells.
"If truth be told, the club have been paying salaries that, for Bolton Wanderers, were in excess of where the club should be," said Coyle, who has had to sell the likes of goalkeeper Ali Al Habsi and England defender Gary Cahill in the past 12 months to cut the deficit.
"We have been fortunate over the past 10 or 11 years that our owner, Eddie Davies, has committed so much money to the club. When I came in as manager (in 2010), rather than just concentrating on the football I looked at our budget and how we could help as a football club. I think it would have been remiss of me not to."