Bolton are being linked with a move for Real Betis' Croatian defender Marko Babic.
However, it is far from cut and dried that Bolton will win the race for his signature as there are other teams competing for Cahill, and Megson has other irons in the fire.
Reports suggest Betis have told Bolton they will need to come up with a package which is in the region of £4.5 million to sign a player who only moved to Spain in the summer.
The 26-year-old is desperate to remain in the frame for Euro 2008 and may well be open to a move to England.