Bolton Wanderers announced the releases of four players on Tuesday, but Stuart Holden was not on that list of players. Due to his numerous injuries, the club could have very easily cut ties with Holden since players who have blown out their knee as many times as he has generally don't recover to have long careers at the highest level, but they're still trying to work out a deal.
Of course, by announcing that they're still trying to work out a deal with Holden, Bolton are also announcing that they haven't reached one yet. While Holden seems to be a very popular guy there, the club still has a business to think about, and it's not good business to guarantee a lot of money to someone with his fitness concerns. Any contract he gets is probably going to be heavily incentive-based and not long-term.
Holden and Bolton have to work out what kind of appearance bonuses he's going to get, how long his contract is and if he gets any kind of guaranteed compensation at all. Lots of players like Holden end up getting play-for-pay contracts and he's probably hoping for something a little better than that.
It's encouraging that Bolton aren't writing Holden off, but there's a reason he doesn't have a new deal yet.