Coyle’s family roots are in Gaoth Dobhair; with many relatives and friends across the county.
Club chairman Phil Gartside said: “Owen poured his heart and soul into the job on and off the pitch, he led our club with great dignity during some very challenging times.
“It is the right time for a change. We set a target at the beginning of the season and want to get back on track.
“I would like to place on record our sincere thanks to Owen, Sandy Stewart and Steve Davies for all their hard work for Bolton Wanderers.”
Coyle, shocked by the development, said: “I have always been driven to act in the best interests of the club and care passionately about it.
“I had fantastic times as a player here and it has been a privilege to have held the post of manager.
“I want to thank the fans for their backing since I returned, chairman Phil Gartside and owner Eddie Davies for their support and friendship, the club’s staff and players for all their effort and commitment.
“I wish everyone connected with Bolton Wanderers all the very best.”
Former Ireland manager Mick McCarthy and former Ireland captain Roy Keane have already been linked with the club.
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