Wanderers will hold out for £5million in January for top scorer Johan Elmander, if he signals he does not want to stay at the Reebok.

Liverpool lead the chase for the Sweden international striker, who turned down a one-year extension to his current deal last week to explore his options.

Reds boss Roy Hodgson has twice tried to sign Elmander before without success but is confident he can raise sufficient funds next month to beat off competition from the Continent to land the eight-goal striker.

Owen Coyle does not want to lose the club record signing, who he has helped to transform into one of the Premier League’s in-form front men. But if the club can recoup the majority of the £8.2million they paid to Toulouse in July 2008, he is willing to use the funds to invest elsewhere in his squad.

The Whites boss said at the weekend that Elmander’s Swiss-based agent Anders Wallsten has “not closed the door” on an agreement after a meeting with chairman Phil Gartside last Wednesday morning, and that dialogue would continue between the two parties.

But it is looking increasingly likely Wanderers will have to listen to offers, so they avoid the risk of losing him for nothing in the summer.

Liverpool are desperate to boost their attacking options and are likely to spend when the window reopens in 30 days.

Elmander wants a guarantee of first-team football if he is to move to Anfield – which could be the biggest obstacle for the deal – but The Bolton News understands he has ruled out a move to Stoke City, who have also made tentative enquiries.

Spartak Moscow and Fenerbahce have also been monitoring the player’s situation, although with his wife and two children settled in their Cheshire home, a move to Merseyside could prove much more appealing.

Hodgson and his assistant Sammy Lee watched Elmander last weekend against Blackpool, and are also rumoured to be considering a bid for Gary Cahill, reports claimed yesterday.

Arsenal and Spurs are also keen on the England defender, and are able to offer Champions League football, which would make them a more likely destination.