The Times reports that PSG have made an fresh effort to sign the highly-rated France midfielder.
PSG boss Laurent Blanc is prepared to let three other midfielders leave in order to bring in Cabaye.
Cabaye joined Newcastle in a £4.3 million deal from Lille two years ago.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.