The former Sunderland defender has rejected the offer of a new short-term deal and has failed to show for pre-season training.
Makin is out of contract and is under no obligation to report with Ipswich, who now look to have accepted that he will not be returning to Portman Road.
"Chris didn't report for training - not that he needed to because his contract with us expired on Wednesday - and we have been unable to contact him since then," bemoaned Ipswich boss Joe Royle.
"What does that tell us? We can only assume he is moving elsewhere and no longer wants to be at Ipswich.
"I am disappointed from an ethical point of view, if you like, because the club supported him all last season when he only managed to play half a dozen games."
Bolton manager Sam Allardyce is always on the look-out to bolster his squad and it now seems that Makin could be arriving at The Reebok.
In other news, Dutch midfielder Martijn Reuser is set to agree a three-year deal with Willem II.
The winger has agreed terms with Ipswich over the remainder of his contract and should seal his move back to his homeland in the next few days.
