Last weekend's draw at Ipswich highlighted a lack of options in the Whites midfield following Feeney's return to parent club Millwall.
Chung-Yong Lee and Neil Danns were used in a narrow midfield against the Tractor Boys but Freedman admits Feeney provided penetrative options during his short spell.
Feeney was recalled to The Den in the midst of an injury crisis, 48 hours after the two clubs failed to agree a permanent deal for the winger.
"Quite simply, I haven't got it within my squad," Freedman told The Bolton News. "Liam is very direct and in the Championship you need many options.
"There are all kinds of sides you come up against - the long balls teams, the footballing teams, the compact counter-attacking ones.
"At my previous club I played with a couple of wingers and it's something I like to do. I've brought young Rob Hall in and he'll be a top player in the next couple of years.
"Chung and [Chris] Eagles give me something different but that spark from a real winger is needed and so I am definitely looking - but they don't always come up."
While Wanderers fans were left dismayed when the club failed to secure Feeney's signature, Freedman has hinted his pursuit of the 26-year-old is not over.
Feeney is out of contract at Millwall next summer and the Scot admitted he would be willing to wait for a free transfer.
"We liked Liam, I think the fans did too, and it's someone I'm looking for with that pace," he added.
"He was loaned for three months and there was a buy-out clause there, but it was quite a lot of money.
"I'm not going to be put into a corner. Millwall asked us to pay that money and I said 'no' so he got called back. Will it resurface in January? Probably.
"We were tied into that deal but after 28 days he can come back. I think they will wait until January to see what happens."