The former Crystal Palace and Tottenham Hotspur hit-man signed a short-term contract in late August with the Reebok Stadium outfit.
However, Armstrong has been unable to regain full fitness after an injury-plagued spell at Spurs and looks unlikely to receive a long-term extension with Sam Allardyce's squad.
Armstrong's reported struggles at Bolton are said to have prompted Law to look into the prospect of luring the striker to Valley Parade.
But Bradford City club secretary Jon Pollard told planetfootball told no deal is currently in the works with the Division One outfit - Armstrong or otherwise.
Pollard said: "Nick's been speaking to several clubs about several players but there's nothing in the pipeline at the moment.
"He's (Law) certainly looking around but there`s no confirmation on anything at the moment."
Meanwhile, on-loan midfielder Stephen Warnock has been charged with violent conduct by the FA following his part in an end-of-match melee with Derby players last month.
The FA disciplinary panel reviewed video-tape evidence which showed footage allegedly incriminating Warnock during an incident that saw Derby's Adam Murray sent off.
The FA have overturned Murray's three-match ban for the red card but they have also decided to single out Warnock after reviewing the same video footage.
Warnock, which is on loan from Premiership leaders Liverpool, has 14 days to either respond to the charges or request a hearing.
