The goalkeeper is currently wearing a cast on his wrist after tearing a ligament during a game against Barnsley a fortnight ago.
Baxter had initially been planned to carry on with the injury but there was a change of heart after the abandoned game against Cambridge United, and he will now be missing until March at the earliest.
Talking after Saturday’s 3-3 draw against Charlton Athletic, the Bolton boss said: “At the moment Nathan is in a pot, so we are allowing that ligament to heal. We will know more in two or three weeks.”
Wanderers hope to have Ricardo Santos back in action for the trip to Blackpool next Saturday and top scorer Dion Charles fit again for the following game at Wigan Athletic.
But Evatt has eased fears over opening goal-scorer, Victor Adeboyejo, who was taken off at the half time break against Charlton and replaced by Jon Dadi Bodvarsson, who supplied Bolton’s third goal on the day.
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