Chairman Phil Gartside indicated the duo might have to move on as the club's debt has risen to £93million.

Central defender Cahill is being coveted by a number of clubs while in-form striker Elmander is out of contract in the summer.

Speaking ahead of the Barclays Premier League match against Wolves tomorrow, Coyle said: "It is important we give balance to it (the chairman's remarks) in the context it was given.

"If there is time for selling players in terms of an inflated market then it is January when the window opens.

"The conversations I have had with the chairman and the owner (Eddie Davies) I am not under any duress to sell players. If that was the case we would have done that back in August.

"These financial results do not appear on your desk on a Monday and you issue them on a Tuesday. It is an on-going process over the course of the year.

"It did not come as a surprise to the chairman and the owner what the financial situation was going to be."

Coyle added: "If and when the right offer comes in for anybody you would have to look at it because of the business side of football.

"But I do not feel under any more pressure today than I was two days ago to sell any players.

"Of course I would like Gary and Johan to stay as I am here to try and build a team and take it on."

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Former Aston Villa defender Cahill insists he is focused on helping the club progress.

"I'm contracted to Bolton Wanderers and I'm enjoying my football and my time here," he told the Bolton News.

"It [the speculation] goes over my head and is out of my control so really it's a bit repetitive and if it's spoken about, it's spoken about.

"The whole reason why I left Villa was because I needed to play games and the only way I was going to improve was by playing.

"I'm a much better player than I was then. I've cut out mistakes and things I used to do like going to ground in tackles in the box.

"I just need to keep my head down and keep focused on the job I've got to do at Bolton. It's a real joy to be part of the team at the moment."