Wright-Phillips started only two Barclays Premier League games for Manchester City last season and the midfielder came close to leaving the club in January.
A transfer to Wanderers would allow the 29-year-old England international to remain in the north west and Knight believes Wright-Phillips would be willing to take a pay cut to make it happen. Knight is quoted in the Bolton News as saying: "I always talk to Shaun and he's a very good friend of mine. And speaking to him, he'd love to come to Bolton."
He added: "He's at that age now where he needs to be playing first-team football week in, week out.
"I think he hasn't played regularly for the last two seasons. It's about playing football and then the rest will come.
"If he had to take a pay cut then I think he would do, because he could progress at Wanderers and then something else could happen.
"But he's a fantastic player and if people like that want to play here, then it shows how far the club has come."