Yuri Zavarzin, a director of the Moscow club confirmed that Bulykin has been left out of a provisional squad to travel to Turkey so that he can negotiate a move to England with Palace.
"Bulykin is keen to play in England and we're going to meet his wishes. Crystal Palace are interested in him and that's why he hasn't come to Turkey with Dinamo.
"We assume that Bulykin will go to London soon and afterwards the final decision about a possible move will be taken."
Bolton had previously taken the Russian on a trial period and have been keen to wrap up a loan signing for the player before the end of the transfer window. However it now looks as if the Eagles could have trumped their Premiership rivals.
Yesterday Wanderers chairman Phil Gartside confirmed that the 25-year old was of interest to the Trotters but was unwilling to give any further information away.
"Bulykin was on trial with us for two weeks before Christmas, Sam likes him. We have always done business in the transfer windows and will continue to pursue some targets. It's down to finding the right players of the right quality at the right price. I know it's a boring answer, but it's a fact of life" Gartside said