Arsenal and Chelsea have reportedly been told they have until the end of next week to complete a deal for Bolton defender Gary Cahill.Bolton boss Owen Coyle earlier this week revealed that neither side has made an offer for the centre-back, despite both London clubs believed to be interested in the 25-year-old.
Arsenal are thought to be unwilling to meet Cahill's £17million release clause, while Chelsea in recent days have also been linked with Real Madrid defender Pepe as well as Birmingham centre-back Scott Dann.
But if either club is to make a bid for Cahill, then according to Goal.com, they have around ten days to wrap up a deal or face having to wait until next year.
A source close to the negotiations told the website: "Bolton want the deal done as soon as possible so they have plenty of time to make preparations for the new season without Cahill and formulate their transfer strategy.
"Basically, they want it all sorted out by the end of next week and if it isn't, then they might close the door on any deal until the next window."
Reports last week had claimed Coyle rejected a bid from Arsenal which would have seen striker Nicklas Bendtner move to the Reebok Stadium as part of the deal.
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