The 33-year-old Bulgaria international is in discussion with the Spanish club about a move to Catalonia after becoming surplus to requirements at the Reebok StadiumBolton manager Dougie Freedman has confirmed that Martin Petrov is set to leave the club after holding talks with Espanyol, but stated that he is looking to add younger players to his squad.
The Bulgarian winger is reportedly one of the club's highest earners, and has had only a bit-part role to play this season, participating in 14 of a possible 26 matches with eight of those appearances coming off the bench.
Freedman told BBC Radio Manchester: "Martin Petrov is in talks with Espanyol.
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"He's done nothing wrong. He's been a good lad and a good servant to the club. I just feel we're going in a different direction."
He added: "I feel the best thing for the club is to bring in some new, young blood.
"That's where we are and I hope everybody understands this decision."
Petrov joined the Trotters from Manchester City on a free transfer in the summer of 2010, going on to make 85 appearances and scoring 12 goals in the process.