Faye, considered surplus to requirements at the French club, Lens, is just days away from converting his loan deal into a full contract.
"Bolton has given me a new lease of life and I'm enjoying every minute of my time in England," he said.
"I needed a new challenge in my career and, when I heard that an English club was interested in taking me, I jumped at the chance.
"I heard so many good things about Bolton Wanderers, mainly from El-Hadji (Diouf) and Khali (Fadiga) from spending time with them in the Senegal national squad and I'm now seeing first hand why they talked to fondly about the club."