Reports emerged yesterday that the Trotters were keen on the 29-year old and although Coyle did not directly state the club was looking to sign him, he did indicate that he is of interest.
"Shaun Wright-Phillips is a terrific player, a player we know well and he's an outstanding talent," Coyle told Sky Sports News.
"Whether anything happens with that remains to be seen, but he's a very good player."
And Coyle said that Wright-Phillips' teammate, Vladimir Weiss, would not be returning to the club on loan.
"Vladimir Weiss, we have had him on loan before and that's it," he added.
"I'm certainly not in the market for Vladimir."