The 29-year-old winger has found playing time hard to come by during his second stint with City and came close to leaving the club in January.
Reports suggest he will be leaving Eastlands in the coming weeks after making just two Premier League starts last season.
And Knight feels the England international would be willing to take a pay-cut in order to secure a move to the Trotters.
“I always talk to Shaun and he's a very good friend of mine. And speaking to him, he'd love to come to Bolton,” Knight told the Bolton News.
“He's at that age now where he needs to be playing first-team football week in, week out.
“I think he hasn't played regularly for the last two seasons. It's about playing football and then the rest will come.
“If he had to take a pay cut then I think he would do, because he could progress at Wanderers and then something else could happen.
“But he's a fantastic player and if people like that want to play here, then it shows how far the club has come.”
Wright-Phillips has found himself down the pecking order at City following the big money arrivals of James Milner, David Silva and Adam Johnson, and was linked with both Liverpool and Fulham during the January transfer window.
By Ben McAleer
