Wright-Phillips started just two Premier League games for City last season and is expected to leave Eastlands in the summer.
“I always talk to Shaun and he’s a very good friend of mine. And speaking to him, he’d love to come to Bolton,” Knight told the Bolton News.
“He’s at that age now where he needs to be playing first-team football week in, week out.
“I think he hasn’t played regularly for the last two seasons. It’s about playing football and then the rest will come.
“If he had to take a pay cut then I think he would do, because he could progress at Wanderers and then something else could happen.
“But he’s a fantastic player and if people like that want to play here, then it shows how far the club has come.”