Reebok Stadium star must wait until January for move.
Tottenham Hotspur failed in their bid to sign defender Gary Cahill because Bolton Wanderers demanded Jermain Defoe plus cash in exchange.
The 25-year-old seemed destined to leave the Reebok over the summer with Arsenal, Liverpool and Spurs all keen on recruiting him.
The England international will now have to wait for January to secure his move or another 12 months when he will be a free agent.
Trotters boss Owen Coyle was approached by Tottenham and offered winger David Bentley and defender Sebastien Bassong plus cash for Cahill.
But Coyle responded immediately by demanding £10million and Defoe in part exchange, according to the Daily Mirror.
Bolton are happy to keep their man, but now face the prospect of losing Cahill for as little as £5million in January or for free next summer when his contract runs out.
The centre-back will be offered a new contract but it is understood he wants a crack at playing at the top level – and that means Champions League.
Coyle ended a positive day by signing striker David Ngog from Liverpool in a £4million deal.
Like fellow new boys Nigel Reo-Coker and Tuncay Sanli, the Frenchman took less cash for the chance to play for Bolton.