The 52-year-old spent time at seven clubs during his career including Chelsea, Aston Villa and Middlesbrough.
Bolton have already been relegated from the Championship with Jimmy Phillips currently interim manager, assisted by former Sunderland boss Peter Reid.
Chairman Ken Anderson has revealed they have a shortlist of three of who they want to become their new manager.
Bolton Wanderers have appointed former Republic of Ireland international Andy Townsend in a consultancy role.