The Sierra Leonean international was linked with a big money move to Tottenham last summer before the deal fell through.
Now the 25-year-old could join Wanderers for as little as £300,000 with his contract set to expire at the end of the season.
Partizan Director of Sport Ljubisa Tumbakovic told Sportski Zurnal: "Yes, it is true, Medo will move to England's second division.
"We got an offer and the club is dealing with it, but he is going to Bolton, for sure.
The Trotters move for Hamilton midfielder Gary Fraser has been put on hold though after the two clubs had reportedly agreed a fee last weekend.
"Gary Fraser will be in as normal," read a post on the Scottish First Division club's official twitter page. "His proposed move to Bolton is not happening at the moment. (The) Club are delighted if he is continuing his development with us at this time."