Owner Ken Anderson, the 94.5 per cent shareholder, is looking to offload the club to someone who can offer more financial stability and a deal with a four-person consortium fell through last week.
Talks continued with other interested parties, but another one is now out of the picture after withdrawing on Tuesday.
A club statement read: "Bolton Wanderers Football Club can confirm that discussions with one of the interested parties have now been mutually terminated.
"The club can also confirm that discussions are ongoing with other parties.
"A further update will be made in due course."
That news came on the eve of the club's High Court hearing as they look to fend off an HMRC winding-up petition - their sixth in the last 18 months.
The club declined to comment on the hearing when contacted by Press Association Sport.
Bolton have endured a tumultuous time of late. The players were paid their February salaries late and there was doubt over a recent game with Millwall going ahead due to concerns over being able to pay policing costs.
Futhermore, League Two side Forest Green confirmed to Press Association Sport they have started legal proceedings against Wanderers over the failed transfer of striker Christian Doidge.
Bolton lie second bottom of the Championship table, eight points from safety with eight games to go.
Bolton are just one of three clubs facing winding-up petitions on Wednesday, alongside League Two outfit Macclesfield and Ebbsfleet of the National League.
