The Championship club are unable to offer the midfielder regular game time, and he was excluded from the squad for their pre-season tour of Scandinavia.
Having featured 31 times for Brighton on loan last season, the 33-year-old has one year remaining on his contract at the Macron Stadium.
Bolton boss Dougie Freedman told the Herald: "Keith wants to play week-in, week-out and I can't guarantee that.
“At his age he should want to be playing every week and rightly so, he's been a good professional around this place.
"As we speak he's got a decision to make. He either goes and gets first-team football somewhere and gets himself sorted or he's happy to be in the squad. That's all down to him.
"I think his preference would be to play, and of course, I understand that.
“I'm sure there will be clubs interested in him because he did very well at Brighton last season.
"He is a good professional and there is no problem between him and me at all. I've been very honest with Keith and he's conducted himself very well."