The highly-rated centre-back, who is still hopeful he can make England's World Cup squad, has conceded it may be best for all parties for him to move on.
The former Aston Villa man admits he is more than happy with life at the Reebok Stadium, but he would find it hard to turn down an offer from a 'top' club.
Trotters boss Owen Coyle has already stated he would not stand in Cahill's way if a big club did come calling.
"If a big team wanted me to come and play for them, then you have got to be realistic and look at the fact it may be a right decision for both sides," he told the Bolton News.
"I'm not saying for one minute I want to leave the club. I have loved my time here and the club has done brilliantly for me.
"I love all the staff and the players. But every player is ambitious and if a chance came to play for a top four team then I am sure, like most players, you would take it with both hands.
"The club will have its own agenda but I have ambitions to go as far as I can in my career.
"Not for one minute am I saying I want to leave and I have loved my time here. I am settled.
"The manager is understanding that probably any of our players had a chance to maybe to better their careers, I think that's nice he wouldn't stand in their way.
"Like I said, the club has been outstanding for me and I firmly believe I have become a better player.
"Who knows? It's a big window and there is a lot of business done. If I stay, I won't for one bit be unhappy.
"It's been spoken about that I am the club's most valuable asset but until a team comes and puts money on the table, I am going to be a Bolton player."
Manchester United, Manchester City, Liverpool and Arsenal are all reported to have shown an interest in the 24-year-old in recent months.
Cahill, who missed a chunk of the season with a blood clot in his arm, is hopeful of grabbing a place in Fabio Capello's squad.
"Maybe, looking at it honestly, it's a big ask," he said. "But I am pushing and striving to get myself in that long squad of 30 that goes to Austria.
"I think that's my main aim now. If it happens, that will be brilliant for me, If it doesn't I will keep plugging away until it does."