Stories this summer have suggested that the Trotters could be set to bring in the highly-rated Spaniard on a temporary deal.
Romeu was granted limited first-team opportunities under Roberto Di Matteo towards the end of last season and it is reported that Bolton could be owed a Chelsea player on loan following the sale of Gary Cahill in January.
While Coyle admits there is a chance of doing business with the Blues during the transfer window, he has played down the chances of Romeu coming down to the Championship.
"I'm sure the stuff with Romeu came up because of the relationship we have with Chelsea but sometimes people put two and two together and make five," he told the Bolton News.
"There is no doubt that if there are players available on loan from Chelsea that Bolton Wanderers would be in the mix but there's got to be an understanding of the level, depending on the player."
Coyle believes Bolton may have an advantage if they try to secure any loan deals this summer, having previously helped to develop the careers of young players such as Arsenal midfielder Jack Wilshere and Daniel Sturridge of Chelsea.
"I'd suggest we've got a great relationship with all the elite clubs, and that's not just in this country," he said.
"Barcelona B are coming to play against us because of the relationship we have with Barcelona, and we have a very good relationship with Real Madrid.
"We know there are terrific players out there and that because of those relationships, those kind of clubs trust us with their players and know we'll do right by them.
"We're held in quite high regard because of how we work with the youngsters and improve them, so I don't think we'll ever be short of being able to entice them to the football club."