The 27-year-old, a midfielder like his brother, Liverpool star Xabi Alonso, has played for Real Sociedad since 2001 and had a trial with Wanderers during their training trip to Austria last week.
"Real Sociedad and Bolton Wanderers have reached an agreement which will see Mikel Alonso play at Bolton on loan for the 2007-08 campaign," read a statement on the Spanish club's website.
"In the agreement, the English club will have an option to buy the player before May 2008."
Meanwhile Djibril Cisse has claimed he rejected a possible move to Bolton before signing for Marseille.
The France striker, who completed his switch from Liverpool on Monday for a reported fee of around £6m, revealed he also had suitors Spain.
But he admitted the prospect of Champions League football at his home-town club was too good to turn down.
"The situation was clear with Liverpool. They didn't want me to stay and I wasn't going to force them to keep me," he said.
"People wanted to send me to Bolton or Atletico Madrid, but I said no.
"To go to a club in the third level of the Premier League doesn't interest me.
"Here I have less money, but I have the Champions League. Some clubs were offering not far off double the salary but I am from Marseille and I have always supported this club."
Cisse, who spent last season on loan from Liverpool, helped Marseille to second place in Ligue One behind Lyon. Tweet

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