The Liverpool man, 24, spent last season on loan in Lancashire, winning the club's player of the season award as Bolton missed out on the playoffs by goal difference.
Spearing is unlikely to get many minutes at Anfield under manager Brendan Rodgers and Freedman says that Bolton are doing their "very best" to complete a deal.
"Jay is a fantastic player, our player of the season, and available," he told BBC Radio Manchester. "We'll try our very best to make it happen."
Spearing was linked with a move to Bolton's Lancashire neighbours Blackburn Rovers, but manager Gary Bowyer recently confirmed that they have pulled out of the transfer.