Cahill is certain to leave the Reebok Stadium this summer but despite plenty of speculation linking the Gunners, Spurs, Manchester City and Liverpool, no offers have gone in.
However, that could be about to change with reports now claiming that Arsenal officials held talks with the player over the weekend after agreeing to match Bolton's £17million valuation.
The fee could be made up by including highly-rated Spanish defender Ignasi Miquel, who is known to interest Owen Coyle, in the deal, while there have also been suggestions striker Nicklas Bendtner could be offered.
Either way the Gunners appear to have stolen a march on their rivals by making a move. Tottenham are still in the hunt, though, and reports claim Harry Redknapp is ready to offer Sebastien Bassong, Robbie Keane, Jermaine Jenas and Alan Hutton in exchange.
Bolton are resigned to losing the player and even though Coyle wants the situation sorted so he can finalise his own spending plans, he will wait for the right deal.