The 27-year old had been due to go back to Derby County at the end of this month but Trotters manager Sam Allardyce has seen enough of the Northwich born stopper to extend his spell at the Reebok Stadium.
Oakes is yet to play a first team game for Bolton but has sat on the bench on a number of occasions as cover for the likes of Jussi Jaaskelainen and Kevin Poole.