The Manchester City winger is considered surplus to requirements at Eastlands and has been given permission to talk to the London club.
The club are ready to offer the 29-year-old a £55,000-a-week deal, although Bolton, Wigan and Stoke are also interested in the player.
The personal terms of Wright-Phillips could prove to be a problem for Bolton but manager Owen Coyle remains hopeful of completing a deal.
"It's fair to say he is a player we would love to get to the club," said Coyle.
"There is no issue with his willingness to come or our desire to have him. But it is not settled yet financially."
Wright-Phillips rejoined Manchester City from Chelsea in 2008 but found first-team opportunities difficult to come by last season, making just 18 appearances.