Cahill, 25, has long been on Wenger's radar and the Gunners chief had offers batted back in the summer, before signing Per Mertesacker instead.
The England centre-back is in the final year of his contract and Bolton boss Owen Coyle said this week that he could envisage bids being made in January.
Arsenal are one of the teams being linked with a January bid, as are their north London rivals Tottenham, but Wenger has claimed Cahill is a player he is no longer interested in.
"Cahill is good enough to play Champions League, but he is not someone I would be interested in," the Arsenal manager said.
"I have got five central defenders - [Laurent] Koscielny, [Sebastien] Squillaci, Mertesacker, [Thomas] Vermaelen and [Johan] Djourou. Of this five, four are international players.
"We were in the market in the summer, but at that time they [Bolton] were greedy."
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