The 18-year-old winger is held in high regard by the Trotters but they allowed him to take in a spell at Swindon Town last season and are expected to loan him out again in an effort to aid his development.
Coventry and Millwall are battling to secure his signature, keen to offer him Championship football.
The Sky Blues had hoped to wrap up a three-month deal on transfer deadline day, but were unable to put an agreement in place.
It is understood that Bolton boss Owen Coyle is reluctant to let Ward leave until he has penned a new long-term contract with the Trotters.
That is expected to be formality, though, and Coventry are hopeful the youngster will be on his way to the Ricoh Arena in the near future.
"That's on-going and dependent on one or two things at the Bolton end, so it is not a given," City boss Aidy Boothroyd told the Coventry Telegraph.
"The window re-opens on Tuesday so we have got to see how we go."
Source: Team Talk
Source: Team Talk