"Bolton were not fair to Okocha not renewing his contract, despite all that he had done for the team lately," Bello Osagie told the Daily Sun.
"Sentiment apart, I think he deserves another season with Bolton, if judged by his form after the Nations Cup.
"But it is too late to cry over spilt milk, therefore, Okocha should take his time and let the offers start coming before deciding where to go.
"But he should not think about going to Japan, Qatar, China, Saudi Arabia, Ukraine, Russia or Israel.
"Take my word, Okocha will surprise all those who have written him off as a finished player. Bolton will regret their actions when they see the Jay Jay magic in another Premiership side next season."
Nigerian playmaker Okocha was released by Bolton because he refused to take a pay-cut, according to reports.
A source close to the player told Nigeria's Kick Off magazine: "Bolton asked Jay-Jay to take a pay cut and when he rejected this proposal, they decided to let him go. It was as simple as that."