The young forward looks Bolton’s most dangerous attacking talent, but they may be forced to cash in on the 20-year-old in January.
The Trotters need to raise funds, given their terrible financial situation, and many of their prized assets could be sold over the coming weeks.
Birmingham and Wednesday are keen to take advantage of Bolton’s current situation, and they plan to offer Neil Lennon’s side £750,000 to take Clough.
Birmingham are on the look out for a striker, as they need to increase their attacking threat following the departure of Demarai Gray to Leicester.
Wednesday, meanwhile, have money to spend and they have trying to sign proven Championship players in January.
Clough has scored eight times in 20 Championship appearances for Bolton, since breaking into the first team last season.