The ex-Chelsea manager has taken over the reins of the Serie A giants, and according to reports in the Daily Mail, wants to gazump the Gunners for the England star after their failed bid during the last transfer window.
Bolton's manager Owen Coyle has already revealed he expects the Gunners to try again for the 25-year-old in January, but has warned the North London club that there are other big bidders in the market for his star.
Reports indicate that Inter will be at the head of the queue after their unveiling of Ranieri as their new coach on Thursday.
Coyle is convinced there will be other bidders, apart from Arsenal, and it is understood Inter will be among them after appointing former Chelsea boss Claudio Ranieri as their new coach on Thursday
Coyle said: "I don't know how Arsenal's finances work, but they know he's an outstanding player.
"The valuations in August were between the two chairmen, and, of course, it never came to fruition.
"Now there's the problem of the January window, and I think there will be more than just Arsenal coming back in for him then. We will deal it with at the time", he added.
Coyle also gave an insight towards the transfer saga for Cahill during the summer transfer window, according to quotes in the Guardian.
"We were prepared to do business, we always said we wouldn't stand in the way if a move was in the player's best interests, but ideally you would like the deal to go through early in the window so that you can get on with finding a replacement," Coyle said.
"When it gets to a late stage in the window it is more difficult for the club and the player, but we were realistic about the prospect of losing Gary right up to the last day and always open with him, even though selling him at that point would have left us a hole to fill.
"In the end we never got close to that dilemma; with the figures mentioned a deal wasn't going to happen. I know Arsène Wenger admires Gary, and wouldn't have a problem with him coming back in January, but if I'm honest I think there will be more clubs than Arsenal in for him next time."
He believes that the England star will not be distracted by the big clubs interested in his signature.
"Gary is always conscientious and focused on his football," he said.
"He's been just the same, level lad throughout all this. Of course he's only a human being so naturally he has found the last few weeks distracting, but I think he showed with England in Bulgaria that he can put it to one side and concentrate on his game.
"He's a great player at a great age, with plenty of scope for continued improvement, and all he has to do now is keep doing what he does best. His performances for Bolton Wanderers were what got him into the England team to begin with. He doesn't have anything to prove to anyone at Arsenal", Coyle concluded.
However, with the Serie A giants lurking, and possibly prepared to outbid Arsenal in order to get their man, he may well end up in Italy rather than North London instead.