The 30-year-old has two years to run on his current contract but the club are keen to extend the deal.
Which kind of makes you wonder why they never did the same with Steven Pienaar last year?
My thoughts on this - pure conjecture you understand - is that the club were ready to cash in on the South African in January after buying Diniyar Bilyaletdinov in the summer.
Unfortunately, or fortunately as I can never see him being as influential or as industrious as Pienaar, the Russian has struggled for form and has not had the impact that David Moyes would have hoped.
That said, despite disappearing in most games this season, Bilyaletdinov has still managed seven goals, the same as Pienaar!
I wouldn't be surprised to see Pienaar leave in the summer -and if he were to leave for another English club that would be a kick in head - but hopefully the Blues do value him enough to do everything they can to keep him as he is an integral a part of the team as Mikel Arteta.
And to see the two of them playing together regularly next season will be a delight!
Anyway, back to Cahill, and this is what Robert Elstone, Everton's CEO, had to say on the matter: "We are at an advanced stage of negotiation with Tim and his representatives and we would be hopeful of concluding an extension to Tim's current deal and put pen to paper on a new four year contract before he departs for the World Cup."
Which is great news as, despite getting some stick earlier in the season, there's something about Cahill that's just Everton and I can't imagine seeing him playing for anyone else!