England international Cahill had been widely expected to join Arsenal as Arsene Wenger looked to bolster the Gunners' defence, but Bolton rejected what they called a "derisory" bid, and Wenger instead turned to Germany international Per Mertesacker.
Tottenham also made a late bid to sign the defender, but Bolton were not tempted to sell and the former Aston Villa man will now remain at Reebok Stadium, at least until the transfer window reopens in January.
Coyle sympathises with Cahill's desire to play Champions League football, but he is adamant that the Trotters will not be swayed by offers under £10 million.
"There has been much made of this figure and that figure, it's fair to say I don't think it was even considered anything that was offered because it was well below what we would have taken," Coyle said.
"As far as I am told there weren't any offers that reached double figures, so for me that is a million miles away from what Cahill was worth.
"I totally understand Gary's position on it that he wants to play at the very highest level and for an elite club. Of course, we are all the same, or we certainly should be as footballers if we want to aspire to play at the highest level."
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