Freedman hopes to agree a loan deal for the proven marksman who is currently on loan at Hull City but will now be unlikely to play.
Graham can be recalled by the Black Cats and sent out to Bolton - or even bizarrely loaned from the Tigers.
Bolton are looking into both options and would like the deal done fast to give them more firepower.
Freedman’s side has been struggling - hitting the depths with a 7-1 defeat at Reading - on the back of losing loaned players and others through injury.
The Wanderers chief will be backed to make a couple of signings. He switched to Graham after being told Cardiff want £2 million for Joe Mason.