The Magpies have moved to bring in Livesey after an awful start to the Division Two season which sees the team prop up the table after five games.
Billy Dearden's men have a solitary point and goal to their name and have brought in Livesey to solidify the defence.
The 18-year-old is highly-rated by Bolton and made four appearances for the club last season, with Trotters boss Sam Allardyce farming out the stopper to Meadow Lane for experience.
Livesey has been included in the Magpies squad for Saturday's clash with Luton Town and could be handed his bow in the heart of the defence.
