The ex-Everton star's contract with Chinese club Hangzhou Greentown expires at the end of June.
Cahill, 36, recorded 14 goals and 10 assists in 62 regular season appearances for the Red Bulls between 2012 and 2014 after arriving from Everton, helping the club win the 2013 Supporters’ Shield title in the process.
He eventually left New York to join Chinese outfit Shanghai Shenhua in February 2015 but spent just 12 months with the team before being released this past winter, in part to facilitate the signing of ex-Seattle Sounders striker Obafemi Martins.
The Australia international has since linked up with Super League counterparts Hangzhou on a short-term deal but is weighing up his options ahead of becoming a free agent again this summer and is said to be considering moving back to the States.
SBS.com’s report notes that Socceroos skipper still owns a home in the New York area and could attract the interest of “one of the less high-profile MLS clubs” as he aims to prolong his career and keep alive his bid to make a fourth successive World Cup.
Speaking last week to The Sydney Morning Herald, Cahill stressed that he would make his next move with his family in mind and revealed that his son Kyah’s blossoming acting and singing career could ultimately dictate where he ends up.
"The decision I make will be definitely around trying to play as long as possible," Cahill told the newspaper. "But the reality will be what suits the family, the kids and their schooling and also where they want to live.
"It has been an amazing journey in China and I love it here - the family loves it too - but [the contract] was done that way so I could get to the next window, and it'll be a good few months planning what's next.”