Spurs and Chelsea in fight over £50m pair

Centre-half Cahill, who was rated at £15million by Bolton in the summer, is in the final year of his contract but wants to leave in January with Manchester City also in the hunt for the England international.

Napoli value Cavani at £35m although given their strong start to the season the Serie A club are unlikely to listen to any offers for the Uruguay striker until the summer.

In August, Spurs had a deadline-day bid rejected for Cahill and hope to lure him to White Hart Lane with the promise of regular first-team football, something he would not necessarily be guaranteed at Chelsea or City.

Blues boss Andre Villas-Boas is keen to bolster his defence, having kept just two Premier League clean sheets this season and wants to sign an Englishman to partner John Terry and eventually replace him.

But City are in pole position given their financial clout and tempt Cahill to move to the Etihad Stadium with a more lucrative contract.

City's decision to spend £24m on Samir Nasri despite the midfielder having just one year left on his deal at Arsenal is evidence Bolton's valuation is unlikely to be a stumbling block, although it is thought the club may accept closer to £12m due to the risk of losing Cahill for nothing next summer.

Arsenal have withdrawn their long-standing interest in the 25-year-old as Standard Sport understands the club will not enter into a bidding war.

Although Arsenal chief scout Steve Rowley recommended Cahill directly to Arsene Wenger and the club could substantially improve on the player's £30,000-a-week wage, it is believed the Arsenal manager no longer sees a deal as good value for the club.

Furthermore, Wenger has publicly declared the Gunners now have enough centre-backs following the August capture of Per Mertesacker from Werder Bremen for £8m - the same sum that was offered for Cahill over the summer.

The transfer fight for Cavani, meanwhile, comes little over a year after he moved to Napoli from Palermo for around £15m and in that time he has become one of the most prolific goalscorers in Europe.

He claimed 26 goals in his first season, helping Napoli qualify for the Champions League, and has scored twice in the group stages this season, including the opener in the 1-1 draw at Manchester City in September.

Cavani earns a little more than £60,000 a week in Italy, which would make him one of Spurs' higher earners, but would still allow him to be accommodated within the club's strict wage structure.

This is in sharp contrast to Emmanuel Adebayor, who will spend the rest of the season on loan at White Hart Lane but a permanent move will be problematic as he earns a £170,000 a week at Manchester City.

Spurs' wage ceiling is about £70,000 a week, meaning City are contributing more than half of Adebayor's salary. The striker is happy at Spurs and has made a reasonable start to his career there, scoring three times, but knows he could earn more elsewhere should City sell him next summer.

Spurs boss Harry Redknapp has been following Cavani closely since the 2010 World Cup, where he helped Uruguay reach the semi‑finals but the 24-year-old chose to stay in Italy at that stage.

Chelsea, meanwhile, are seeking to refresh their forward line. Nicolas Anelka is out of contract at the end of the season and that deal is unlikely to be renewed, while Didier Drogba will be 34 in March. Salomon Kalou is also stalling on a new contract at Stamford Bridge.

With Napoli mounting a challenge for their first Serie A title since 1990, Champions League football is a must for Cavani but his outstanding performances mean Napoli are expected to receive offers from both Premier League clubs next summer.