Jaaskelainen, 33, looked set to move on when the team were in serious danger of relegation and appeared ready to end his 11-year stay in Lancashire with Aston Villa believed to keen on securing his signature.
Jussi Jaaskelainen
But Bolton managed to maintain their Barclays Premier League status thanks to a late rally and the Finn has now decided to stay put.
Jaaskelainen's agent Peter Harrison told www.skysports.com: "We have agreed terms.
"The deal is for four years but it is not signed yet as Jussi is away on holiday.
"He is very happy to be staying as he loves the fans and the club."
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