Elmander's current deal expires at the end of the season and he could leave on a free transfer.
The club's record signing has caught the eye this season after previously failing to live up to his £10million price tag following his arrival from Toulouse in 2008.
Coyle is determined to keep Elmander and he has praised the Swede for recapturing his top form after a difficult start to his Trotters career.
"We'll sit down with him and he knows that," Coyle told the Bolton News. "I can't say it'll be today or tomorrow but he knows I want him at the football club.
"He's got everything in his locker to be a top player. The very best.
"He's got great mental strength because he's been panned from pillar to post because he came in with a big transfer fee.
"But I've shown the belief I've had in him by playing him week in, week out.
"He knows how much I think of him and I'm flattered that he's said is how much he enjoys working with me."
Source: Team Talk
Source: Team Talk