Coyle hopes to take advantage of the Canadian striker being unhappy at Ewood Park and wants to lure him across Lancashire this month.
Hoilett was left out of Rovers' FA Cup defeat at Newcastle on Saturday, fuelling speculation he will be allowed to leave Bolton's local rivals in the transfer window.
Steve Kean insists he wants the highly-rated youngster to stay but that has not stopped Coyle making an enquiry ahead of his contract expiring at the end of the season.
Hoilett has been offered a new deal by Rovers but is stalling on signing it with plenty of interest in the frontman, including from Liverpool, Stoke, Spurs and Bolton.
Kean said last week: "Junior has shown little signs that he might be wanting to sit down and talk again, there was a meeting with his father and one of the club directors last week.
"We are trying to get it done. There have been offers sitting there for him and when it gets to a position when a player has six months left it is his prerogative to either sit his contract out, leave that offer there and have a sniff elsewhere."
Whether Hoilett, set to be available for less than £5million, would be prepared to swap a relegation battle with Blackburn for one at Bolton remains to be seen, especially with other clubs interested, but Coyle hopes to persuade him a move to the Reebok is an attractive one.