Last month the 33-year-old said he was keen to come back to England on a short-term deal when the Major League Soccer season had ended.
A return to Goodison Park seemed his most likely destination but it is understood Sunderland, Newcastle, Tottenham and QPR are also interested in signing the Australia international.
Cahill had huge success at Everton after signing from Millwall in 2004, scoring 56 goals in 226 games, before leaving this summer to join the Red Bulls.
He played 14 matches, scoring once, as the MLS club finished third in the Eastern Conference to reach the play-offs, where they were knocked out by DC United.
If he returns to the Premier League Cahill will be following the likes of Los Angeles Galaxy stars Landon Donovan and Robbie Keane, who have spent time on loan at Everton (twice) and Aston Villa respectively, and Red Bulls team-mate Thierry Henry who went back to Arsenal last year.