The Trotters wanted Rivaldo earlier this summer, but the former Barcelona star failed to accept their offer.
It had been claimed that Bolton were now keen to rekindle the deal - but this has been denied by manager Sam Allardyce.
"I can categorically confirm that Rivaldo will not be joining us," said Allardyce.
"It astounds me where these stories come from. It is absolute nonsense."
Bolton are set to embark on a pre-season trip to Portugal - where they will face friendlies against Sporting Lisbon and Vitoria Setubal.
Allardyce also confirmed that Lens' Cyril Rool has joined The Trotters' burgeoning band of trialists.
"I was impressed with Emerson in a recent training session and I want to see how he'll interact with the squad this week," said Allardyce.
"He has done well in England before with Middlesbrough and also did well with Rangers last year.
"Tel Ben Haim has all the right attributes to be a classy centre half and we'll monitor his progress. He is a current Israeli international and is keen to play in The Premiership.
"Hassan Kachloul has Premiership experience with Aston Villa, Southampton and Wolves. He is a competent striker and would definitely do a job for us.
"We will also take a look a Cyril Rool - a midfielder from Lens. We have had good reports about Cyril. He has proven experience in the French League with six years at the top level."
Together with Kachloul, Rool, Ben Haim and Emerson - Bolton are also understood to be still casting their eye over Julio Cesar, Shandel Samuel and Jamal Ballantyre.
One player who will not be continuing his trial is Jordi Cruyff, who has been told that he will not be handed a contract at The Reebok Stadium.
