The game against the Portuguese side was part of a double header which also saw Bolton take on Sporting Lisbon as part of the deal which took striker Mario Jardel to the Reebok Stadium nearly a year ago.
Setubal were the better side during Thursday nights contest and Bolton had veteran goalkeeper Kevin Poole to thank for a string of impressive saves which kept the scoreline down.
THE BOLTON LINE UP WAS: Kevin Poole, Ricky Shakes, Anthony Barness, Julio Cesar, Cyril Rool, Emerson, Kevin Nolan, Jay-Jay Okocha, Ricardo Gardner, Sergo McDonald, Michael Bridges.
SUBS: Tal Ben Haim for Cesar, Hassan Kachloul for Emerson, Kevin Davies for McDonald, Nicky Hunt for Bridges, Henrik Pedersen for Nolan.
Meanwhile back on home soil over the weekend the Wanderers lost out to League One side Bradford City in the Wayne Jacobs testimonial game. Ironically it was Jacobs himself who scored the winner from the spot with just minutes remaining after Bolton defender Radhi Jaidi had commited a foul.
Bolton gave a debut to recent signing Gary Speed whilst Colin Todd's Bradford City team boasted a number of trialists and experienced names with ex-Wanderers players Darren Holloway and Nicky Summerbee included in the Bantams starting line up.
Lewis Emanuel gave the Yorkshire side the lead on the hour mark when his shot went past Jussi Jaaskelainen via the boot of England U21 international Nicky Hunt but Wanderers soon found themselves back on level terms over 15 minutes later when Henrik Pedersen scored his second goal of the week with a fine volley having been set up by the ex-Leeds United man Michael Bridges
On 87 minutes testimonial hero Jacobs tied up the win in which nearly 4,000 turned out in support of the experienced professional who has also had spells at Hull City and Sheffield Wednesday during a long and distinguished career.
THE BOLTON LINE UP WAS: Jussi Jaaskelainen, Nicky Hunt, Ricardo Gardner, Radhi Jaidi, Bruno N'Gotty, Ivan Campo, Jay-Jay Okocha, Gary Speed, Kevin Davies, Kevin Nolan, Henrik Pedersen
SUBS: Kevin Poole, Anthony Barness for Gardner, Joey O'Brien for Okocha, Michael Bridges for Speed, Ricky Shakes for Davies, Charlie Comyn-Platt for Pedersen
Meanwhile the club have decided against offering trialists Emerson, Hassan Kachloul, Cyril Rool and Sergo McDonald contracts after they failed to impress during the week trip to Portugal.