The University is making up to 50 places available to elite athletes and those who hope to compete in the next Games in Rio de Janeiro.
The first year will be free to the would-be Olympians with subsequent years charged at the reduced rate of £5,000.
In launching the “Educate a Generation Scholarship ”, the University's Vice Chancellor, Dr George Holmes said: 'We want to do our bit to build on the Olympic legacy.
'We recognise that aspiring athletes have financial strains balancing training needs with academic studies. Due to training they can’t earn while they learn like many other students, hence we want to help them with these scholarship places. Hopefully these will allow them to achieve their full potential at university and for Team GB.'
The places will be available to athletes already competing at County level or above in all Olympic sports. The University will seek verification of the athletes’ sporting potential from their relevant sports body. They will also need to have gained a minimum of 240 UCAS points at A2 level or equivalent.
Dr Holmes added: 'This is always a difficult time for students who for one reason or another haven't attained the grades they were hoping for. With a small number of places at Bolton still available we'd be delighted to talk to and help anyone going through the clearing process.'
Athletes gaining one of the scholarships will benefit from expert assessment, development and support from the University's sports lecturers based in their new £31m Bolton One building which is also home to England Athletics North West centre for Endurance Coaches Development.