They have money to spend after selling former Arsenal striker Gervinho to Chinese Super League side Hebei China Fortune for £11.5m.
However, it is unlikely they will be able to afford the centre back’s £100,000-a-week wages.
Chelsea are loathe to lose Cahill as it would leave them with little cover should John Terry or Kurt Zouma suffer an injury.
The Blues are expected to confirm a £3.5m deal for New York Red Bulls centre‑back Matt Miazga before the weekend.
The 20-year-old is a USA international but will not need a work permit because he has a Polish passport.
He is set to train with the first-team squad rather than be sent on loan but it would clearly be a major gamble to have him as the back-up option this early in his career.
If Cahill sees the season out at Chelsea, he will still assess the situation again in the summer.
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