It is the first time the brothers have been in the same side since they began their careers at Watford in 1986.
33-year-old central defender Holdsworth, was released at the end of last season by newly promoted Birmingham City and spent the back-end of last season on loan at Walsall.
Meanwhile, Bolton have completed the signing of defender Ivan Campo from Real Madrid on a season-long loan deal.
Campo, 28, passed a medical and agreed personal terms after meeting club officials on Friday evening and on Saturday Campo's international clearance arrived at the club.