Bolton agreed a fee with the Blues for Cahill in late December but the transfer was thrown into doubt when Andre Villas-Boas revealed they were a long way off sorting out personal terms with the defender.
Villas-Boas has since declared that he does not think the matter will be resolved quickly, but Coyle insists that will not prove disruptive for the Trotters or Cahill.
Coyle admits that everyone's focus over the past couple of weeks has been on picking up as many points as possible during a busy festive period, and he says Cahill's approach has been as professional as ever.
The 26-year-old has become accustomed to finding himself at the centre of transfer speculation in recent seasons, and the Bolton manager is prepared to keep picking him.
Asked for an update on the progress of the Cahill deal, Coyle said on Sky Sports News: "We are where we are.
"The games have come thick and fast and that has obviously restricted people in terms of getting round a table to have dialogue with regards to Gary's representatives and Chelsea.
"We had agreed a fee between the clubs. It is now up to Chelsea and Gary's representatives to conclude that, or not.
"I think there has only been one meeting on that, so we'll take it from there."
Coyle has always maintained that Cahill has the ability to play for any club in the world, and he believes the centre-back has once again demonstrated great character during an uncertain time.
"Gary has prepared and played at a very high level, and he will continue to do that," said Coyle ahead of Bolton's match against Everton on Wednesday.
"He is an outstanding young man, and whatever comes we will deal with it as best we can.
"Gary's coped with endless speculation in every transfer window and he is so focused on his football.
"He has that mental strength and that is why clubs of the stature of Chelsea want him, because he has all those attributes.
"Gary is a part of our squad until such a time as that changes."