Buckley is available on a free transfer this summer after his Sunderland contract expired.
The 27-year-old spent last season on loan to Sheffield Wednesday, but was largely used as cover for the first team and made only 12 appearances for Carlos Carvalhal's Owls.
Former Sheffield Wednesday loanee Will Buckley [bottom]
According to Transfermarkt, Sunderland paid £2.65 million to sign Buckley from Brighton & Hove Albion three years ago, after he'd impressed under Gus Poyet at the Amex Stadium.
However, Poyet's departure saw Buckley slide down the Stadium of Light pecking order, leading to unsuccessful temporary spells at Leeds United, Birmingham City and Sheffield Wednesday.
Nevertheless, a return to his native north west with Bolton could be the perfect remedy for Buckley's ailing career.
Phil Parkinson's side were promoted as League One runners-up last season, and have already strengthened through the additions of Adam Le Fondre, Mark Little and Andrew Taylor this summer.
Bolton Wanderers manager Phil Parkinson
The Sun reported last week that West Ham United defender Reece Burke is also set for a move to Bolton, after impressing under Parkinson at Bradford City.
Can the former Sunderland and Sheffield Wednesday man revive his career at Bolton Wanderers?