However, Wanderers boss Owen Coyle has insisted that the deal for the 29-year-old is far from done.
"Shaun is a tremendous player," Sky Sports News quotes Coyle as saying. "He is someone I would love to bring to the club. Whether it is possible, only time will tell.
"There are financial implications involved. Players at Manchester City are on contracts that are more than we could pay. There is a threshold we cannot go beyond.
"But there has been dialogue between our chairman and [City chief executive] Garry Cook. That is where we are at the moment. There is nothing concrete."
Bolton kick off their Premier League campaign away to newly-promoted side QPR on August 13.