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Bulgarian winger Martin Petrov is in Barcelona, where he is about to sign a contract with local club Espanyol until the end of the season.
The 33-year-old former Bulgaria international will have an option to extend the contract for one more year, according to reports.
"We've got to face the facts. Martin is in the latter years of his career and earns a lot of money at this club," Bolton manager Dougie Freedman has commented on the move, as cited by the BBC.
Petrov joined Bolton Wanderers from Manchester City in the summer of 2010 and has made 85 appearances for the club, scoring 12 goals.
Petrov worked with Espanyol coach Javier Aguirre during his successful stay at Atletico Madrid (2005-2007).
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