Knight has big hopes for Wheater and feels he could well force himself into the international frame, given the right run in the first team next season.
He told the Bolton News: "There's a lot of speculation about Gaz going here and there," he said. "And what will happen will happen. But I know that Wheater is a good defender and expectations are high for him.
"He's had a little taste of things in the England set-up and I do believe he'd like to get back to that level.
"Me and Gaz have held down the centre-back spot but it's for him to keep doing what he's doing.
"We bought him for a reason. The manager thinks he's good enough if anything were to happen to me or Gaz, or there was a loss of form.
"Next season he'll have been there from the start, so that will be a big challenge for him."