Bolton will allow Idan Tal permission to hold talks with Beitar Jerusalem over a move back to Israel.
Tal has also had a spell at Everton in the Premier League
League champions Beitar Jerusalem face a Champions League qualifier against FC Copenhagen later in July.
Tal, 31, has struggled for first-team football at Bolton since signing from Maccabi Tel Aviv last summer.
"We are in the process of letting Beitar Jerusalem speak to Idan Tal with a view to the Israeli club signing the player," said a Bolton spokesman.
Tal is with the Bolton squad in Austria and, if a deal cannot be reached this week, he will travel to the squad to South Korea.