The 24-year-old had been tracked by a number of clubs this summer, most notably Swansea City and Oxford United.
Lincoln had already turned down an offer of £600,000 from Swansea – with reports claiming that Bolton have upped the ante to £750,000.
Imps head coach Michael Skubala left him out of Tuesday night’s friendly against Grimsby because of mounting interest – and though the deal has not yet been completely passed, it seems extremely likely that he will be available for this weekend’s pre-season game against Preston North End.
Erhahon is a former Scotland Under-21 international who started his career with St Mirren, moving to Lincoln City in January 2023 for £150,000.
The left-footer has racked up 107 appearances for the Imps and scored twice and was voted the club’s player of the season in 2023/24.
Although primarily a central midfielder, Erhahon has also occasionally played as a wing-back.
Erhahon was also sent off at the Toughsheet Stadium in December last season by referee Ross Joyce after an exchange of words with the official at the half time interval.
Wanderers have also been looking to sign a striker but, as things stand, they will go into Saturday’s final dress rehearsal without a fit senior forward, with Daeshon Lawrence and David Abimbola ready to fill in.