The former West Ham United striker is currently a free agent after departing East London in the summer following a nine-year spell with the Hammers.
Over the past few weeks, Cole has been training with Scottish champions Celtic in a bid to earn himself a permanent contract at Parkhead.
Good signing for Bolton
Bolton boss Neil Lennon has one of the biggest challenges on his hands – decreasing the club’s over-inflated wage bill while also improving the side on the field.
Talk of the playoffs at the Macron is very much off the cards this season, yet former Celtic boss Lennon will still want his team to look upwards rather than at a potential relegation scrap.
The Trotters, currently 22nd in the Championship, have scored just nine goals this season and a new striker addition either on loan or on a free transfer is very much high on the agenda.
Potential missed opportunity for Celtic
At 31, Cole still has plenty to offer even if question remarks remain over his fitness.
The seven-cap England international stands at 6ft 3inch and has scored more than 50 goals throughout his career as a top-flight player.