The 25-year-old, who had a successful loan spell at Adams Park last season, has fallen out of favour under Steven Schumacher, starting just seven times in League One this term.
Championship side Oxford United were last week reported as a potential suitor and their new head coach Matt Bloomfield remains a big fan, having failed with a bid to take him to Wycombe on a permanent basis in the summer.
Wanderers had made their £500,000 asking price known in the previous two windows – but that figure may now have dropped after Morley fell behind Xavier Simons, Josh Sheehan and Ethan Erhahon in Schumacher’s plans.
Wycombe have maintained an interest despite changing managers, and Bloomfield’s successor Michael Duff looks set to make a decisive bid.
Speaking at his pre-match press conference this afternoon with our sister paper, the Bucks Free Press, he said the club were close to completing two new signings.
Asked directly about Morley, he added: “He is a good player and someone that we know, but if I told you about every phone call that I have had over the last 24 hours about the players [either interested or linked], we would be sitting here for about 20 minutes.
“We are aware of the situation, and nobody needs to be told that he is a good player, but there is a long, long list.
“We have been close on a couple and just missed out, and we’re hopefully close to another couple.
“But unless they are here [signed], there is no point talking about any individuals, as there is so much going on behind the scenes.
“It is busy.”
Morley has made 167 appearances for Wanderers, signing initially for £75,000 from Rochdale in January 2022. During that time he has scored 17 goals.
His spell on loan at Wycombe last season seemed to have spelled the end of his time at Bolton but after helping the Chairboys to the top of the table, he was recalled and used regularly by Schumacher when he took over from Ian Evatt last January.
The arrival of Simons and Erhahon in the summer has pushed him to the back of the pack once more, and though he remains popular with the supporters, a relatively meagre 758 minutes of League One football has prompted him to look around for options.
Schumacher has seen his squad trimmed to a more manageable 18 senior outfield players but is keen to bring in some attacking quality before the deadline to boost the promotion chase.
Meanwhile, Wanderers should confirm tomorrow how long Marcus Forss stands to be out of commission with a hamstring injury.
Schumacher is expected to reveal results of the Finn’s scans, having left him out of the squads to face Wigan Athletic and Stevenage.
Forss, on loan from Middlesbrough, has scored five goals in his 27 appearances so far this season but has started just nine games in League One.
Should the injury rule him out for a significant length of time, Bolton may well have to reconsider their transfer strategy for the remainder of the window.
They are already planning to bring one attacking player on loan, and could decide to add a sixth to the squad.