The Omani shot-stopper is highly rated at The Reebok Stadium and has shown how much potential he has when standing in for No.1 Jussi Jaaskelainen.
And with Jaaskelainen also out of contract at the end of the season, Bolton could be facing the prospect of losing both of their goalkeepers.
Now skysports.com understands that contract talks between Al Habsi's representative Peter Harrison and Bolton have failed to reach an agreement.
Harrison confirmed that Al Habsi could indeed quit the club.
"The new Fifa rule is in place and Ali is one of those players who will be able to take up that option if he believes that is the right thing to do," Harrison told skysports.com.
"We have failed to reach agreement after talks and that is how it stands at the moment."