A Champions League, Premier League and FA Cup winning England international (that is until very recently), Cahill's transfer to the club he grew up supporting would be deemed something of a coup for the Owls.
But for a club that has worked so hard of late to reduce both the average age and wage bill of its first team squad, such a deal - considering Cahill is 32 and (reportedly) earns £4.4 million a year (£85,000 a week) - is among the last things it needs right now, especially after its chairman warned of deeper financial problems if promotion isn't achieved this season.
According to the Sun, Wednesday are among those keen to re-home Cahill after he found himself out of favour in the final year of his Chelsea contract.
But even if there is some truth to that (and this writer is sceptical), with Aston Villa - the club at which Cahill began his career - and indeed Manchester United - whose manager, Jose Mourinho, he thrived under at Chelsea - also listed as suitors, the Owls' chances are probably slim, at best, anyway.
And, as romantic as a move to Sheffield Wednesday might be, it would not be the worst thing if either of those clubs were to get to him first - particularly (given the Championship's ever-increasing competitiveness) Aston Villa, who are surely walking a financial tightrope themselves.
In fact, the Owls should leave them to it.
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