Having dismissed Freedman with the club sitting at the foot of the league table, with little usable money due to a number of high wage earners draining club funds, a number of potential candidates have ruled themselves out of the running, with Bolton strong favourites for relegation to League One.
However, one man said to be keen on taking the role, and who appears to fulfil the manager needed at the Macron Stadium, is Tony Mowbray.
Gazette Live is reporting that the 50-year-old has indicated his availability to Bolton chiefs, and the club are said to be seriously considering him for the role.
Having left Middlesbrough a year ago next week, his compensation package is due to stop, and he has been actively pursuing new work in the division. His name was put forward for the now-filled manager’s role at Leeds United, whilst Huddersfield were also said to be considering his talents.
He certainly has the ability to fix the ongoing troubles at Bolton, having taken relegation threatened Middlesbrough from a similar position to one-point of the play-offs in 2012, before leaving in October 2013. He has also worked with West Bromwich Albion - with whom he won the Championship title in 2008 - and Celtic, where he also spent a four-year spell as a player.
Mowbray is one of few candidates who is currently without a club, meaning that the Trotters would not have to pay a compensation fee for his services - something not able to be completed by the boardroom in their current financial situation.
Two other names who are reportedly being considered are fellow ex-West Brom man Steve Clarke, and former Norwich boss Chris Hughton, who are also both jobless and actively looking for a return to professional football.