Australia international Cahill spent eight years in the Premier League with Everton before joining the Red Bulls in July.
The Major League Soccer season came to an end last month and a number of players are expected to sign temporary deals in Europe when the January transfer window opens.
Cahill has attracted the interest of Sunderland and it is thought talks are ongoing between the clubs over an agreement to take the 33-year-old to the Stadium of Light.
Martin O'Neill is looking to strengthen his squad next month following a difficult start to the season, with the Black Cats currently 13th in the Premier League and just five points clear of the relegation zone.
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