The centre-half linked up with the Trotters on a three-month agreement in January.
He has been a big hit at the Reebok Stadium, netting four times in six appearances so far.
Bolton would welcome the opportunity to bring him on board full-time, but appreciate that West Brom have no intention of selling.
That means Dawson will return to The Hawthorns in April, with there no plans for transfer talks to be held.
Freedman said: "Craig is a good lad and he's still got a lot to learn. But let's not get excited. West Brom let him come out to us because he's not going to get in their side right now.
"I told Craig I would bring him here, develop him as a player and send him back to West Brom better. That's still the deal.
"It's fantastic that the fans are saying 'sign him on' but we've not spoken to West Brom at all. I won't go back on my word."