The Mirror says Megson, who recently took charge at Leicester, is the shock front-runner. Bolton chairman Phil Gartside admires him and thinks he is the type of tough manager that he could work with.
Megson is on a one-year deal with a two-season extension if he does well, so compensation would not be a major problem - and Leicester supremo Milan Mandaric may even let him go without too much of a fight.
The far-travelled boss was out of work after a disastrous spell at Nottingham Forest, but Gartside likes his work ethic and thinks he is potentially the right man.
Souness is also in the frame because of his reputation as an impact manager. He is also available, lives locally and Bolton know he is up for a return to the dug-out.