Blake says Petrov will add new dimensions to Owen Coyle's attack and believes Kevin Davies, in particular, will prosper.
"Petrov is an exciting player - I really rate him," Blake told the Bolton News.
"When I heard they were doing the deal I texted Brett Warburton (Wanderers vice-chairman) and told him he'd be a great signing.
"He's the sort of creative player Bolton have missed for the last couple of years.
"When I played at Bolton we always had creative players, players who could produce something special. And when Sam Allardyce was manager - even though he preferred to play in a certain way - he always had a player or two who could do something different. He signed players like Youri Djorkaeff and Jay-Jay Okocha, but Bolton haven't had anyone of that ilk since Nicolas Anelka.
"Now they've got Petrov and I'm sure Kevin Davies will be delighted and the prospect of having him and Chung-Yong Lee creating chances from wide positions. I know I would."