The Swede showed only glimpses of his best form under Gary Megson after arriving at the Reebok Stadium from Toulouse in the summer of 2008.
Elmander fell down the pecking order and looked set to move on until Coyle came in and handed him more opportunities to impress.
Having become a regular starter, the 28-year-old is full of praise for his new boss and relishing the challenge of trying to make even more of an impact next term.
Speaking about a recent discussion with Coyle, Elmander told Aftonbladet: "He didn't say that I was leaving, it was a positive meeting and he said that he was really pleased with what I have done and that he wants to continue to cooperate with me.
"I have one year left with Bolton and really feel that this is the thing, it's now that things start.
"He is honest, and I appreciate that. He is the best manager I've had."
Asked to comment on whether most people would have expected him to leave, Elmander added: "Everyone can't tell me what to do, that's up to me to decide."
Elmander preferred not to reflect on his time under Megson but confessed that it had been a difficult period in his career.
"When Gary Megson was there things weren't good," he said.
"We had different opinions and it didn't work out, but Megson is a closed chapter that I don't want to discuss.
"Since the new manager (came in everything has changed. It has been working out great.
"I have confidence in him but understand that he wants to test other players as well."
Source: Team Talk
Source: Team Talk