Sturridge, 21, has had limited opportunities since moving down to London from Manchester City 18 months ago and, with Fernando Torres providing more top-class competition at Stamford Bridge, the deal was one that suited both parties.
Coyle said: "I think he's such an exciting young talent who I believe will have a very positive impact, probably similar to the impact Jack Wilshere had, because I believe this is a player who is capable of playing in the Chelsea team, as Jack Wilshere was capable of playing in the Arsenal team."
He added: "I'm absolutely delighted to bring Daniel to the football club until the end of the season. When we were made aware that there was a chance he'd be allowed out on loan then we certainly tried to do everything we could to convince him that this would be the best place for him.
"Sometimes at elite clubs there's a tendency to maybe not quite be convinced because of their youth and everything else, so it gives Daniel the platform to go and show everybody what he has in his locker.
"He has attributes in abundance and I'm very excited to see him in a Bolton shirt."
Sturridge revealed it did not take long to persuade him Bolton was the right move, saying: "I'm really happy to come to the club.
"The manager wanted me to come here to play first-team football, and as soon as he said those words I was straight down the motorway. It was an easy decision for me because at Chelsea I wasn't playing regularly."