Jaaskelainen is under contract at the Reebok Stadium until 2007, but the club are keen for the Finnish international to sign a better deal in the hope that it will fend off interest from other clubs.
Both Manchester United and Middlesbrough have been linked to the 29-year old in recent months but the player has said that his main aim is to remain with Bolton, the club he has been with since signing from VPS Vaasa back in November 1997.
The player's agent Peter Harrison said that Jaaskelainen was not happy with the terms that had been offered, despite earlier reports which had suggested that the Finn had agreed on new terms.
"Talks have stalled contrary to what has been reported, Bolton have made Jussi an offer of a new deal, but he has turned down their first offer." Harrison said
Jaaskelainen has become Bolton's undisputed number one goalkeeper and was well on the way to completing 100 consecutive league games before an unfortunate sending off against Middlesbrough a few weeks ago scuppered his impressive run in the team.
"Jussi has been in England for eight years and in that time he has established himself as one of the best keepers in the business.
Harrison, the man who famously represented Brazilian ace Rivaldo in summer discussions with Bolton, said that there was a possibility that further negotiations will occur at the end of the season.
"He has two years left on his contract and things may be revised at the end of the season."