Bolton owner, Eddie Davies, and chairman, Phil Gartside Megson claim the Ginger Ninja will not be sacked despite Bolton out of the Premier League.
The Whites are facing the prospect of dropping out of the top flight after taking just one point from their last seven games.
But, even if they do go down, the 48-year-old manager will be told his job is safe.
That suggests Sam Allardyce will be back in the job come the summer.
NEWCASTLE - 35pts
Remaining games: Reading (h), Portsmouth (a), Sunderland (h), West Ham (a), Chelsea (h), Everton (a).
MIDDLESBROUGH - 34
Remaining games: Man Utd (h), Tottenham (a), Bolton (h), Sunderland (a), Portsmouth (h), Man City (h).
WIGAN - 31
Remaining games: Birmingham (h), Chelsea (a), Tottenham (h), Reading (h), Villa (a), Man Utd (h).
SUNDERLAND - 33
Remaining games: West Ham (h), Fulham (a), Man City (h), Newcastle (a), Middlesbrough (h), Bolton (a), Arsenal (h).
READING - 32
Remaining games: Newcastle (a), Fulham (h), Arsenal (a), Wigan (a), Tottenham (h), Derby (a).
BIRMINGHAM - 30
Remaining games: Wigan (a), Everton (h), Aston Villa (a), Liverpool (h), Fulham (a), Blackburn (h).
BOLTON - 26
Remaining games: Aston Villa (a), West Ham (h), Middlesbrough (a), Tottenham (a), Sunderland (h), Chelsea (a).
FULHAM - 24
Remaining games: Sunderland (h), Reading (a), Liverpool (h), Man City (a), Birmingham (h), Portsmouth (a).