The Scot is looking to strengthen his squad after losing their opening game of the Championship season to Burnley, and out-of-favour the 23-year-old is an attractive prospect
The Trotters lost their Championship opener 2-0 at Coyle's former side Burnley, and the defeat highlighted the need for new signings before the transfer window closes.
And while Coyle admitted that Spearing is the type of player they are looking to add to the squad, he refused to disrespect Liverpool by talking about a potential transfer.
Coyle told reporters: "It's fair to say we're always going to be linked with players in that area, because we've said that's the type of player we're looking for.
"Jay Spearing's a wonderfully talented young player, but he's a Liverpool player and it's not for me to comment on anybody's players."
Spearing, who made 25 appearances under former Reds manager Kenny Dalglish last season, was not included in Brendan Rodgers' 18-man squad for the 3-0 defeat against West Bromich Albion at the weekend.
It has been suggested that the former Leicester loanee could be looking to secure a move away in order to guarantee first-team football after the arrival of Joe Allen from Swansea saw him move further down the pecking order.