"With space, he could be a very good footballer," said del Bosque, who also steered Real Madrid to Champions League success.
"He could be a full-back that covers a lot of space, but it depends, because it's not just about covering 100, or 60 or 70 metres of the pitch.
"It's about doing it many times over and that requires stamina which I don't know whether he has or not -- although I'm sure he has prepared.
"Without a doubt as a full-back, with his back towards the crowd and the touchline, that's where he would be most useful."
Bolt, who retired from athletics last year, has previously tried out with clubs in Germany, South Africa and Norway, to no avail.
He has acknowledged the pace and rhythm of football is completely different to the athletics track and said it will take time to adjust.
Del Bosque believes that if Bolt makes it as a footballer, it will rank alongside his greatest achievements.
"To start playing professional football at the age of 32 isn't normal," he said.
"But he has won a lot during his 32 years of life and, he has earned the right to say: 'Hey, I want to be a footballer.'"