Palace have confirmed the news and have also revealed that Lennie Lawrence and Curtis Fleming will be in charge for their match at Barnsley on Tuesday evening.
Bolton were relegated last season and sacked Owen Coyle earlier this month after a disappointing start to life back in the Championship, which has left them 16th in the current table.
And Palace announced on Monday that Freedman, who they hired in January last year, had been given permission to speak to Bolton about the vacancy.
Freedman has impressed at Palace and they are currently fourth in the Championship, having overcome a very poor start to the season.
More to follow....
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