It is believed Bolton's former Burnley boss Owen Coyle will pay around ?£3 million to land two of the Championship's club star players.
Right-back Mears, 28, and former Manchester United midfielder Eagles were both brought to Burnley by Coyle, but were unable to help them survive in the Premier League in 2009-10.
With Bolton agreeing to sell Matt Taylor to West Ham on Saturday, Coyle has funds available and a Burnley statement confirmed that Eagles and Mears will be on their way to the Reebok Stadium if personal terms can be agreed.
A club statement said: "Burnley Football Club had hoped to persuade the players to sign extensions to their present deals.
"However, with the players expressing their desire to immediately return to the Premier League, and effectively able to leave Turf Moor for free next summer, Burnley Football Club regrettably has accepted this offer from Bolton.
"Mears and Eagles will not take part in the Clarets' pre-season friendly at Torquay today (Saturday), as they look to discuss personal terms with Wanderers."
Source: AFP
Source: AFP