The 26-year-old joined the Blues in January and enjoyed a strong start to his Stamford Bridge career.
Cahill is ready to put his disappointment at missing England's Euro 2012 campaign with a broken jaw behind him to help Chelsea improve on last season's 6th place finish.
He told the Daily Star: "Football is a rollercoaster. You finish the season winning the Champions League and then miss out on the Euros.
"We have added to our squad to keep up and we are looking to go about our business.
"Last season our league form was not what we wanted it to be, so it's important that we address that. I feel we are definitely title contenders with the squad we have got and the confidence we have through what we did at the back end of last season."
Chelsea begin their 2012-13 league season with a trip to Wigan Athletic today (Sunday).