The 20-year-old midfielder has made just one start in all competitions for Bolton this season, but has been impressing in the club's development squad.
"He's playing very, very well," Freedman told the Bolton News. "It is a very fine line between sending him out to get games and keeping him here because he is extremely close to making that breakthrough.
"If we came to the decision, with Josh, that going out on loan was the thing to do, then it would be in the short term only."
League One side Notts County are one club who are believed to be interested in Vela.