Metro reports that PSG are ready to make a £17million bid for the 27-year-old midfielder.
Arsenal boss Arsene Wenger had an opening bid of £10million rejected by the Magpies last week.
Wenger is preparing another bid for Cabaye, but now face stern competition from PSG in the race to sign the midfielder.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
Who of Europe’s top strikers will move to England this summer?