Cahill seems likely to move to Stamford Bridge this week following protracted discussions throughout the transfer window.
Although disappointed to see Cahill leave, Wheater believes that it could hand him a chance to revive his career.
"I want to be playing and if Gaz does go I will miss him as he's a good friend of mine," said the former Middlebrough man.
"But it means there is a chance to get in the team and hopefully stay there.
"It has been stop and start for me this season. I was in the team and then got a red card and was out of it so hopefully I can stay in the team now."
Wheater joined Bolton from Middlesbrough in January 2011.