Bannan, 24, has made just one appearance since Neil Warnock’s arrival at Selhurst Park in late-August, starting the 3-2 extra-time defeat to Newcastle United in the Capital One Cup last month.
Bolton sit 23rd in the table at present, having taken just eight points from their first 13 games, and new manager Neil Lennon is desperate to add reinforcements to his squad before the close of the loan window at the end of November.
However, he might be forced to wait several months if he intends to secure Bannan’s services, with Warnock reportedly keen to wait until January before making a decision on his future.
Departed Trotters boss Dougie Freedman was also understood to have been a fan of Bannan’s, and attempted to bring him to the Macron Stadium when he was still on the books of Aston Villa.
The Scottish international instead opted to join Palace last September in a £1 million deal, but is now eager to find first-team football elsewhere in order to remain in Gordon Strachan’s plans.
He was in fact a trainee at Celtic when Lennon was still a regular fixture in the club’s line-up but, having only been 14 upon leaving for Villa in 2004, their paths are unlikely to have crossed.