Bolton's joint administrator has confirmed a 'heads of terms' agreement has been signed with the preferred bidder as the club edges closer to being sold. Wanderers were relegated last season.

Bolton Wanderers have been on the search for a new buyer and saw a takeover bid by former Watford chairman Laurence Bassini collapse back in May.

Bolton, who have been in administration since May and began the season with a 12-point deduction due to financial difficulties, were due to be bought by the Football Ventures consortium.

Bolton have officially confirmed the departure of manager Phil Parkinson and his assistant Steve Parkin, and insisting the pairs resignations were accepted 'with great reluctance.'

Hill is understood to be on the list Bolton want to have discussions with. The fact Hill would be obtainable without Bolton having to pay compensations is key given the club's financial predicament.

Bolton administrator Paul Appleton says the future of the club 'is still in doubt' but hopes there will be a 'positive outcome' before Tuesday's 5pm deadline set by the English Football League.

Bolton administrator Paul Appleton says the future of the club 'is still in doubt' but hopes there will be a 'positive outcome' before Tuesday's 5pm deadline set by the English Football League.