Walters has been told he will never play for the Ewood Park outfit again after being suspended by the club following an internal investigation into the disappearance of players' belongings.
The 19-year-old hot shot could now be ready to defect to Rovers' North West foes after Bolton confirmed they were negotiating a transfer for the marksman.
If Bolton boss Sam Allardyce is successful in his raid on Ewood Park, he will have beaten off fierce competition to capture his signature.
Walters has already had trial spells at Middlesbrough, Wolves and Stockport since being told he has no future at Blackburn.
But Bolton have maintained a watching brief on the situation and have now pounced to acquire his services.
