The 23-year-old midfielder told BBC Radio Manchester: "We had a really good chat about how we thought the season was going to go.
"We both decided that it would be good for me to go out, get some experience and play some football."
When asked if he felt he could make an impact on his return to Anfield, Spearing added: "I don't see why not, but at the moment I'm with Bolton.
"I want to try and produce for Bolton and get us back into the Premier League. It's a massive club with a massive support and I really think we can do it."