Lonergan has only 12 months remaining on his current contract and speculation has suggested that Bolton could allow him to leave the Reebok Stadium during the transfer window.
The 30-year-old has fallen behind Adam Bogdan in the pecking order but Freedman insists that he can still challenge for the No.1 spot.
"Andy knows his position and that he has a year left here," Freedman told the Bolton News. "But he's another player - and I have told him this - who I would be very comfortable sitting down with over the summer and looking to sign a new contract.
"But he needs to be comfortable fighting for his position. He isn't guaranteed anything.
"I'm comfortable saying that because I think his game has come on. I think the way I want to play eventually - as you have seen the last four or five weeks - from the back, Andy Lonergan definitely has the capability to do that."
Lonergan had a long run in the Bolton side after Bogdan injured his knee in October but was then dropped after a poor game against Ipswich.
However, Freedman has given him hope of forcing his way back into the team, saying: "I'm very honest with Andy Lonergan - he's not a number two, he's very, very capable of playing in the Championship.
"He had a run in the team but I thought it was the right time to bring Adam back.
"Andy knows my thoughts and he knows how highly I rate him."