Goal.com exclusively revealed that the Trotters have had a £3 million bid for the 23-year old accepted by Brendan Rodgers side but it now appears other clubs could look to hijack the move.
Coyle insisted he would try his hardest to bring Spearing to the Reebok Stadium but hinted at Premier League interest in the midfielde,r amid reports that Aston Villa and Sunderland are ready to make a move.
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"It's more complicated than people think," said Coyle. "It isn't just a case of going out and bringing him in.
"Jay Spearing is a very good player and there's a lot of competition for that lad's signature.
"All we can do is our very best, and we'll continue to do that.
"I can't say right now that he's going to sign tomorrow morning because there is huge interest in him from clubs much bigger than ourselves. We'll see what transpires."