The Southampton manager tops Leeds' wanted list, but if he cherishes the job and secures his release from the Saints he faces a gigantic task to rescue his old club from relegation.
Leeds caretaker-manager Eddie Gray rang the changes, but his players lacked the cutting edge to pose much threat to hard-working Bolton and slid to a sixth successive defeat in league and cup.
Leeds have now leaked 18 goals in five games and with no cash to strengthen the team during the January window, the outlook is bleak indeed.
Bolton didn't need to be at their best, but their win took them into mid-table - a lofty perch for them at this stage of the season.
Gray, in charge for the first time since his sacking in 1985, received a rousing ovation as he took his seat in the dugout.
Gray brought in Lucas Radebe for his first start since August and the veteran defender captained the side. James Milner was included wide on the right after being excused England Under-20 duty in Dubai.
David Batty returned in midfield, but right-back Gary Kelly was missing for the first time this season with a back injury. Alan Smith and Dominic Matteo were suspended and Lamine Sakho partnered Mark Viduka up front. Bolton kept an unchanged line-up.
Leeds' defensive failings quickly surfaced again as they conceded the game's only goals in the 16th and 17th minutes.
First Ricardo Gardner's cross from the left was headed out by Michael Duberry straight to Kevin Davies, who had a ridiculous amount of time and space to shoot low past Paul Robinson from 14 yards.
Davies then turned goal-maker with a glorious turn and pass for the Greek Stelios Giannakopoulos to hook the ball in from close range.
Only a swooping save by Robinson prevented Per Frandsen increasing Bolton's lead with the home crowd stunned into near silence.
Leeds replaced Batty with French striker Cyril Chapuis at the start of the second half as they gambled everything on attack.
Viduka forced Jussi Jaaskelainen into a couple of saves, but Leeds failed to score for the sixth time this season.