The Toffees are currently three points ahead of the Reds with just two games remaining. Liverpool have the FA Cup final to deal with but after that, they face Chelsea once more at Anfield and then travel to the LIberty Stadium to play Swansea.
Everton have an easier run-in as they play relegated Wolves and then Newcastle. Liverpool's defeat to Fulham has made the blue side of Liverpool believe in the possibility of achieving a higher finish than the city's biggest club.
While there may not be much to win aside from bragging rights and increased revenue, Everton's long-serving Australian believes that it would bring the fans a great deal of joy if they managed to repeat the feat last achieved in 2005.
He also wishes to exact revenge for two recent derby losses, including one in the FA Cup semi-final.
"I think after the heartache of the FA Cup it was just right that we focused on the league," Cahill told the club's official website.
"To finish above Liverpool we have to be really determined and try to get the right results.
"We have to be on song because it's such a massive thing to finish above Liverpool and I think for the fans it would be a just reward for what we've been through this season."
Everton drew against Stoke on Tuesday and have 52 points from their 36 games. They are currently in seventh place and are likely to finish a spot above their city rivals.