The striker, who joined Wolfsburg from Stoke for £4m in January, could make a swift return to the Premier League after a tough spell in Germany.
The 29-year-old has only made four appearances for the German side, losing on each occasion. Meanwhile, Owen Coyle recently stated that he is confident of adding a striker to his squad.
"I am always confident," said the Bolton boss. "I will do my utmost to furnish the club with those signings that will help the team."
Coyle is hopeful of taking Tuncay on loan ahead of a permanent £3m deal as he looks to bolster his squad before Bolton's opening Premier League match with QPR on Saturday.
Bolton face competition from QPR, Wigan and Blackburn for the Turkish player.