Trotters boss Owen Coyle remains hopeful of bringing the midfielder to the Reebok Stadium.
"It's more complicated than people think," said Coyle after Bolton's Capital One Cup defeat at Crawley. "It isn't just a case of going out and bringing him in.
"Jay Spearing is a very good player and there's a lot of competition for that lad's signature.
"All we can do is our very best, and we'll continue to do that.
"I can't say right now that he's going to sign tomorrow morning because there is huge interest in him from clubs much bigger than ourselves. We'll see what transpires."