Skysports.com understands Bolton Wanderers and Tottenham Hotspur are locked in talks regarding a deal for defender Gary Cahill.
The England international has been strongly linked with a move away from the Reebok Stadium over the summer as he is in the final year of his contract.
Trotters boss Owen Coyle has stated he will not stand in the way of Cahill joining a bigger club providing the deal is the 'right business' for Bolton.
A bid from Arsenal was rejected last week and it is understood the Gunners have now dropped their interest in Cahill ahead of the imminent capture of Per Mertesacker from Werder Bremen.
However, Arsenal's local rivals Tottenham remain in the hunt for Cahill as manager Harry Redknapp tries to improve his squad before the transfer window closes.
Redknapp is homing in on a deal for West Ham United midfielder Scott Parker and could also add Cahill to his ranks before Wednesday's deadline.
Spurs are understood to have offered Sebastien Bassong to Bolton as part of the deal for Cahill, but it is understood Coyle has other options.
Talks are now thought to be continuing regarding a straight cash deal for Cahill, who has established himself as one of the Premier League's most consistent centre-halves since joining the Trotters from Aston Villa in 2008.