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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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.