Burnley have given permission for Tyrone Mears and Chris Eagles to speak to Bolton regarding moves to the Reebok.
The Clarets have agreed a combined fee with Wanderers, who are managed by ex-Burnley boss Owen Coyle, believed to be in the region of £3million.
Both Mears and Eagles have rejected long-term deals at Turf Moor.
A club statement said: "Burnley Football Club had hoped to persuade the players to sign extensions to their present deals.
"However, with the players expressing their desire to immediately return to the Premier League, and effectively able to leave Turf Moor for free next summer, Burnley Football Club regrettably has accepted this offer from Bolton.
"Mears and Eagles will not take part in the Clarets' pre-season friendly at Torquay today, as they look to discuss personal terms with Wanderers.
"The funds from Eagles and Mears' expected departures will be used to strengthen the squad, with further transfer developments expected early next week."