The Sky Blues are looking for a marquee signing to replace Italian legend Alessandro Del Piero and are keen to get the Socceroos all-time leading scorer Cahill on their books - with discussions at a very early stage.

It would be a landmark signing for Sydney with Cahill having been a standout in Brazil, with his goal against the Netherlands rated as among the best of the tournament.

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The 34-year-old is, however, still contracted to Major League Soccer's New York Red Bulls although Sydney officials are reportedly exploring the possibility of a release from the final year of his agreement.

Reports have also emerged that Western Sydney Wanderers and English side Queens Park Rangers may also be interested in Cahill.

Sydney's budget for a marquee is said to be set at $2 million, which would not match the $3.5 million that Cahill earns in New York - although his A-League deal could be enhanced by third party payments.

Football Federation Australian boss David Gallop welcomed the possibility of the Socceroos forward playing in Australia but admitted there were complications to overcome.

"It would be fantastic to see Tim Cahill in the A-League for all the reasons we've seen at the World Cup," Gallop said.

"He's a world-class player, one of the greatest Socceroos of all time and is enormously popular with Australian fans.

"This is an idea that is worth exploring, but there are many issues and complications to deal with."

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The rebuilding of Sydney FC under new coach Graham Arnold is already well under way with the likes of prolific A-League striker Shane Smeltz and former Central Coast Mariners attacker Bernie Ibini added to the side.