The news will come as a bitter disappointment to many Millwall fans who felt that Cahill was the key to promotion next season. The Aussie international was an instrumental figure in Millwall's epic FA Cup run last season and was expected to see out his contract next season with the added bonus of UEFA Cup football thought to have been the deciding factor.
However, Chariman Theo Paphitis has decided to cash-in on the player rather than let him walk away for nothing next summer.
Speaking to the official site, Paphitis said: "Tim is a fine player and has been a great servant to Millwall over the past seven years, but has increasingly made us aware of his desire to move on.We believe that he could have realised his dreams of Premiership football at Millwall, but clearly that is not something that we can offer him this season."
This will cut little ice with the fans who have already coughed up for a season ticket. So far this summer, The Lions have signed only one player - Jody Morris - and allowed all three goalkeepers to leave the club. Other possible targets have turned down offers of contracts and it is thought that the club are offering below-par wages.
If things don't improve within the next few weeks, Millwall can be considered serious relegation candidates.