The 26-year old will undergo a two week trial at the Reebok Stadium in the hope of earning a contract. Bolton will have to pay a fee to the player's club Deportivo Alaves should they wish to sign him up in January.
Alternatively Bolton can wait until the end of the season when the player's contract expires. It is expected that the Spanish club will allow the player to leave.
Bolton manager Sam Allardyce was said to be impressed with Colinas when Alaves visited the Reebok Stadium for a pre-season friendly in the summer of 2001. Reports back then suggested that the Wanderers boss wanted to sign him outright but a deal could not be agreed.
Allardyce is still looking for goalkeeping re-inforcements despite the fact that both Kevin Poole and Andy Oakes are covering the current number one Jussi Jaaskelainen.
Wanderers have also been linked with a £1 million move for Russian striker Dmitri Bulykin who plays his football for Dynamo Moscow. The 25-year old played for his country in Euro 2004 and has interested the likes of Everton and Tottenham Hotspur in the past.