Cardiff have been chasing a new striker throughout this month's transfer window and they saw a bid rejected for Madine a couple of weeks ago.
A number of names have been linked with Cardiff, but Bluebirds boss Neil Warnock is hoping to convince Bolton to sell the 27-year-old before Wednesday's transfer deadline.
Bolton are reluctant to lose their top scorer as they battle to avoid relegation from the Championship.
Madine has scored 10 goals from 28 appearances in the Championship, including one in the win over Cardiff earlier this season.
Having started his career at Carlisle, Madine spent four years at Sheffield Wednesday before joining Bolton in 2015, and he helped them win promotion back to the Championship last season.
Warnock is desperate to end his hunt for a new striker before Wednesday's deadline, as he feels he needs to strengthen his side's attacking options if they are to maintain their push for promotion to the Premier League.