Wanderers have moved to secure the services of Rodrigo Moreno from Benfica on a season-long loan deal, subject to international clearance.
It was only last month that the Portuguese giants signed the 19-year-old striker on a five-year deal from Real Madrid.
However, the Brazilian-born Spanish U19 international has now moved to Wanderers to gain valuable experience in the Barclays Premier League.
Rodrigo played for Spain in the recent U19 European Championships and scored La Rojita's only goal in the final in their 2-1 defeat to France.
In moving to Bolton, Rodrigo is reunited with former team-mate Marcos Alonso, who joined Wanderers from Los Blancos at the end of July.
Wanderers Assistant Manager Sandy Stewart said: "We watched Rodrigo play alongside Marcos in the Real Madrid B team last season and we were obviously interested in signing the two of them.
"He went to Benfica as part of the Angel di Maria deal but we still chased his signature and now we are delighted to eventually get him to our football club.
"We are looking forward to working with him and we are confident that he will bolster what is already a strong squad of players.
"He is a quick, exciting young player who can play up front and in wide positions. Hopefully the fans will really take to him.
"Like Marcos, he will take a period of time to bed in because he will be playing in a different country, but we are very confident that he will have a successful time here."
Rodrigo will wear the number 19 shirt this season.