Aston Villa, Queens Park Rangers and Southampton have all been linked with moves for Spearing, and Coyle admits that it will be a battle to sign the 23-year-old.
"It's more complicated than people think. It isn't just a case of going out and bringing him in," said Coyle.
"Jay Spearing is a very good player and there's a lot of competition for that lad's signature. All we can do is our very best, and we'll continue to do that.
"I can't say right now that he's going to sign tomorrow morning because there is huge interest in him from clubs much bigger than ourselves. We'll see what transpires."
Spearing made his debut for the Reds in 2008.