Trotters manager Sam Allardyce spoke briefly to the Russian international hot shot last month and is keen to hold more discussions with the former Lokomotiv Moscow ace within the next month.
Bulykin was one of Russia's star performers during the European Championships in Portugal last summer, and has previously expressed a desire to play his football in Britain.
Allardyce knows that he cannot afford to match Dinamo's £2 million valuation of the player, but is hopeful that an agreement can be sorted out where he can take the 25-year old until the end of the season.
"Bulykin is a possible signing, but probably only a loan deal with a view to a permanent transfer"
"It doesn't appear that we've got that much money so we'll probably only be looking at bringing in a couple of players on a short-term basis."