Holding is set to miss up to nine months of action after rupturing his anterior cruciate knee ligament during Arsenal’s 2-2 draw at Old Trafford last week.
The 23-year-old had impressed for Arsenal this season, starting nine Premier League matches in a row before suffering his injury, and despite the return of Laurent Koscielny and Nacho Monreal to the team, Emery is understood to still want to add another centre-back to his squad next month.
Bailly has previously been linked with a move to Arsenal and is reportedly frustrated at Manchester United having fallen out of favour under Jose Mourinho, while Cahill could be allowed to leave Chelsea in January with his contract set to expire next summer.
Cahill, 32, has yet to start a Premier League match this season for Chelsea and has made just seven appearances in all competitions thus far under Maurizio Sarri. It’s believed that the Blues will not stand in the England defender’s way of a loan move next month which would more than likely signal the end of his career at Stamford Bridge.
Meanwhile, it remains to be seen whether United will allow Bailly to leave next month as Mourinho is short of options at the back and has constantly complained about this during the season.