Sweden international Elmander, whose current deal expires in the summer, has been influential for the Trotters so far this season having already scored eight Premier League goals.
The 29-year-old has inevitably attracted interest from other clubs, but manager Coyle is calm over his future.
"If players are playing well it is only natural bigger clubs will cast an eye on them," said Coyle. "That is the nature of football and I am relaxed about it.
"Until those bids come in, it is all hypothetical. When they do we will give them respect and make a decision. I do not get caught up in it too much and beat myself up. Johan knows that.
"If it was a club of a similar size to Bolton I believe he would stay here. If an elite club came in Johan would be crazy not to think about it.
"I have no problems with that. Johan is well within his rights to do what is right for himself and his family. What I will do game by game is try to get the best out of him."
He added: "Phil has had talks with Johan's representative and that will be on-going.
"Johan has been terrific from day one and if they decide they want it to run its course into January, then so be it."
Barclays Prem Top 4 Finish 10/11 Top 4 Finish: Bolton 20/1
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