The report also states that Aston Villa, West Ham and Crystal Palace are interested.
Cahill would also prefer that he remained in London, although he may be attracted to returning to Villa, where he began his career.
A return to the midlands would also see him link up with former Blues team-mate John Terry, who is assistant manager at Villa Park.
Cahill was exiled from the Chelsea squad last season by Italian Sarri - something which the former Bolton defender criticised in depth in an interview with the Telegraph towards the end of the season.
Arsenal among four clubs courting Chelsea hero as Unai Emery plots first summer signing (Image: GETTY)
Arsenal among four clubs courting Chelsea hero as Unai Emery plots first summer signing (Image: GETTY)
"It's been really terrible for me personally," Cahill said.
"It will just be erased out of my head when I leave Chelsea. My last memory will be last season's FA Cup final.
"It's been very difficult. I have played on a regular basis over the previous six seasons and I've won everything with Chelsea, so to be watching from the stands is something I didn't expect.
"If you are not playing a player, any player, for two, three, four games, then you don't have to give a reason for that.
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Arsenal among four clubs courting Chelsea hero as Unai Emery plots first summer signing (Image: GETTY)
“But if it gets to eight or nine games, then you have to explain the situation. What's going on? But the manager hasn't done that.
"It makes it very hard for me to have respect for someone who has not respected what some of us have won with the club."
Cahill won two Premier Leagues, two FA Cups, a League Cup, a Champions League and two Europa Leagues during his time with Chelsea.
Arsenal could look to sell current centre-back Shkodran Mustafi this summer if the right offer comes in - something that would help inflate their current budget, thought to be around £40m.