"I would love to see Eddie here," Cutler said on "The Waddle & Silvy Show" on ESPN 1000. "But like I said, price and how he fits, and there are a lot of factors that go into it.
"It's not fantasy football where you plug people in and hope it works. If we get him, that would be great. I know he would fit in. He's a great teammate. It would be like old times."
Cutler said he talked to Royal on Tuesday, knowing Royal remained a free agent despite a report that he had agreed to terms with the Washington Redskins. According to a Washington Post report, the Redskins thought they had a deal with Royal but other teams showed late interest.
"I don't think we're done at that position," Cutler said. "I think we definitely want to get another (receiver).
"But it's going to come down to whether someone is available and whether (new GM Phil Emery) and the rest of the crew feel that the value is there at whatever pick we're at or whether we can get the right price.
"I don't think we'll be foolish with what we're trying to do. If we can get someone to help us out on offense, I think we'll grab him."