The midfielder, 24, came through the ranks at Anfield but realised his chances of first-team football under Brendan Rodgers were limited after speaking with the Reds boss this summer.
Spearing enjoyed a successful campaign with Bolton on loan last term and the fans, desperate to see him back in a white shirt, chanted his name during the first game of the new season against Burnley, which prompted Wanderers boss Dougie Freedman to step up his efforts to bring him back to the Reebok Stadium.
His name was linked with a move to Sky Bet Championship rivals Blackburn but Spearing insists the fond memories he had from his loan spell with the Trotters made them the likeliest destination.
"At any moment in my career where I had to leave Liverpool, it was a massive decision for me and it's something I didn't take lightly," he said.
"I had to have a good think about it and had to make sure it was right for myself and my family. And, in the end, fingers crossed, it has turned out to be a great move for myself and I've loved every single minute of it.
"The year before I had had a great loan season and Dougie came in and put his point across about how he wanted to play and how he wanted me to play.
"When it then went into the summer I had a great conversation with Brendan, sort of sorted everything out, and it was time for me as a footballer to go and get regular first-team football.
"I got a phone call from Dougie and my first port of call was to try and get back to Bolton and I'm very, very proud to be wearing the shirt and leading the lads out week in, week out."