Vaughan has struggled with injuries and he scored only one Premier League goal for Everton last season and that came against Coyle in what was his last league game in charge of Burnley.
Two loans followed. The first to Derby ended early because of injury and he ended the season at Leicester and scored for them in a 4-1 win against Watford.
Rated at £1 million Bolton are considered favourites to sign the player who will be 22 next month.