The 29-year-old left The Reebok Stadium for Chelsea in 2000 and Bolton's need for a goalscorer has been heightened by the exit of Nicolas Anelka for The Blues, combined with El-Hadji Diouf's absence due to the African Cup of Nations.
"They're the type of players we want to bring to Bolton to take the club forward," said Megson. "It remains to be seen if we can do it but it's not for the want of trying.
"We've been looking at it ever since it became obvious that Nic was going to go to Chelsea, and even before that.
"But there are very few centre-forwards around that you'd like to bring in and who you know could come in and do a job."
"I'd fully endorse what the locals think," he said. "Whether we can manage to get a player from Barcelona remains to be seen. They're the kind of players we're trying to get into the place.
"But just because of the fact he is at Barcelona he is the player that he is means it's not as easy as you would think."
The leave of Diouf is something that Megson has felt hard, and he is counting down the days until the Senegal striker returns from Ghana.
"I've been following the competition and we want Dioufy back," said Megson.
"There are a lot of strange decisions made in football and we are paying wages for one of our players to be playing in a competition on the other side of the world and it just seems crazy to me.
"I don't particularly want Senegal to get knocked out for Dioufy's sake because he is a proud Senegalese person and he wants to do well and he will be mortified if they do get knocked out. But from our point of view we will have a jet on the runway ready to bring him back.
"It will swoop in like one of the Red Arrows. Our owner Eddie Davies has got his own plane and has put it at our disposal and as soon as Senegal are knocked out, it will swoop onto the pitch and we will sling Dioufy in the back and get him back over here."