Helguson has also been linked with a move to Watford.
The Icelandic international is set to sign a three-year contract after passing a medical.
Bolton boss Sammy Lee told the club website: “I like Helguson a lot. He has a great work ethic and understands the demands of the Premier League.
“I have always been an admirer of his attitude to the game and his ability to score goals at vital times.”
