The Iceland international has struggled for form in Spain.
Finnbogason, an international team-mate of Eidur Gudjohnsen's, would be an exceptional signing by the club. Neil Lennon previously wanted him when he was Celtic manager and the Sociedad striker spent two years of his childhood growing up in Edinburgh.
Prior to joining Sociedad last summer he had starred at Dutch side Heerenveen. In his two seasons at the club Finnbogason scored 59 goals in 70 games.
That prompted the Spanish side to spend what was reported by Inside Spanish Football to be a fee in the region of €7.5 million on his signature. However, he has struggled with injury and form in Spain, playing just 27 times and scoring four goals.
Despite Lennon's desire to bring his former Celtic target to Bolton there is a major stumbling block regarding any deal.
Finnbogason is on a handsome wage in San Sebastian which would not be matched at the Macron Stadium. If Bolton can convince Sociedad to supplement a percentage of his wages a deal could be on the cards. If not, this ambitious move will never get off the ground.