The controversial striker has been linked with a move to Birmingham City and Blackpool this summer.
Bolton were linked with the player last month and they are now set to sign the 24-year-old, but they also reported that the player has rejected three clubs in order to sign for Bolton.
They believe that Birmingham City and Blackpool both offered him deals, but he rejected the clubs. The third team he is said to have rejected is Leeds United - which would have been a very interesting deal.
Madine, who has been playing in Yorkshire with Sheffield Wednesday, is something of a controversial figure.
He was imprisoned in 2013 for two counts of grievous bodily harm. After serving five months of his sentence he struggled to make his way back into the Wednesday fold and spent time on loan at the likes of Blackpool, Coventry and former club Carlisle.
Madine's last goal for Blackpool was against Leeds United back in March, so his signing would have been poignant.
But is seems he will be going up against them for The Trotters instead next term.