The Danish striker, on loan from Arsenal, has been ruled out for a number of weeks with a broken nose, raising the possibility of a potential move for the Trotters captain
Although the club would prefer loan deals this January, a broken nose is set to rule Bendtner out for a number of weeks, and may force the hand of O'Neill who is looking for attacking reinforcements.
“The loan market is something that ourselves and others are looking at but there doesn’t seem to be a lot of stuff happening,” O'Neill told the Sunderland Echo.
“We had a passive interest in things [Kevin Davies] but the Nicklas Bendtner situation – with him being out for weeks – means that it is now something that we really have to look at.
“We are left with several up and coming young strikers now and three or four tough months ahead of us.”
Davies is no longer a guaranteed starter at Bolton and with his contract set to expire in the summer, the 34-year-old looks set to depart the club he joined in 2003.
“A lot of deals are dependent on what other clubs do. Teams are unlikely to want to sell too many good players in the window. But I have to look at bolstering the squad and see if we can do something if at all possible,” O'Neill said.
“It’s the right thing to do.
“Nicklas Bendtner or Stephane Sessegnon for example could have come through January fine and then got injured in the first week of February, and that’s what we’ve got to look to guard against.”