The Gunners had a bid rejected on Thursday for the stopper, with report suggestion a fee of just £6 million was offered for the England international, which was roundly rejected by the Reebok Stadium club, with manager Owen Coyle slamming the bid in his press conference ahead of Botlon's weekend clash with Liverpool.
Now, Arsenal are reportedly preparing a new £12 million bid for Cahill, which could rise to £15 million depending on any honours he wins for either club or country during a proposed five-year contract.
Since joining Bolton in 2008, Cahill has made 114 appearances and scored 12 goals, while he has also made three appearances for England since making his debut against Bulgaria in September 2010.
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