However, he said he was still optimistic the deal would be completed and that Cahill would join Chelsea after the January transfer window opens on Sunday.
Bolton manager Owen Coyle, speaking before Saturday's Premier League match against Wolverhampton Wanderers, earlier told reporters: "There has been a fee agreed between the clubs and we have now given Gary's representatives permission to speak to Chelsea.
"That is where we are with it. We obviously have a game tomorrow and I have said to Gary that he has to be focused on giving everything for Bolton Wanderers, because he knows Bolton Wanderers has been terrific for him just as much as Gary has been for us.
"That is why they have representatives - to sort that out - and whatever January 1 brings, it will bring."
"I would like to say we are miles apart regarding an agreement with the player so we will continue to monitor this situation as we are continuing to monitor the other targets that we have outlined," he said.
"But I think we can sort out [a deal] I think so," he added.
