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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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.