The former Everton and Leeds striker has been on loan at League One promotion hopefuls Preston where he has scored 17 goals – six more than he mustered in 51 appearances for Bolton.
Other notable departures from the club include former club captain Matt Mills, Craig Davies, Andrew Lonergan and Keith Andrews.
Chris Lester, Georg Iliev, Luke Woodland, Glenn Matthews, Ryan Sellers, James Ball, Carl Kennedy and Kieran Nolan will also leave the Macron Stadium.
But Bolton have confirmed that contract talks remain ongoing with veteran strike duo Emile Heskey and Eidur Gudjohnsen, as well as Darren Pratley and Adam Bogdan.
Quade Taylor has signed a contract extension while academy quartet Tom Walker, Rob Holding, Channing Campbell-Young and Yvan Wassi have all signed their first professional deals.
Watch Norwich take on Ipswich in the second leg of their Championship play-off semi-final from midday this Saturday on Sky Sports 1 HD.