Bolton have so far baulked at the £1.5m asking price to prise Spearing away from Anfield, although 6ft 6in Knight is optimistic a deal can be done for his diminutive mate.
"Jay is a fantastic player and did really well for us last season," said Knight.
"That's what we need. We need a strong squad and if we can get him it would be an added bonus. We have just lost Stuart Holden to injury.
"But if we can get someone of the quality of Jay Spearing then it would be a great addition to the team.
"As players, it's out of our hands. If the club want him then hopefully we can go and get him."