Cahill looked set to leave Bolton for Tottenham on transfer deadline day but stayed at the Reebok Stadium in the end after the two clubs were unable to agree a fee.
Spurs manager Harry Redknapp remains keen on finalising a move for the 25-year-old centre back when the window reopens in the New Year.
But Chelsea boss Andre Villas-Boas apparently wants to pair Cahill with his England colleague and captain John Terry at the heart of the Blues defence and is also eyeing a move in January.
Bolton value Cahill in the £17 million bracket but could be forced to accept an offer in the region of £8 million if Cahill refuses to sign a new contract with their prize asset in the last year of his present deal.
Arsenal and Liverpool were also interested in Cahill but are unlikely to return with new bids having signed Per Mertesacker and Sebastian Coates respectively in the closing stages of the summer transfer window.