Gunners boss Arsene Wenger wanted the talented Frenchman in the summer but Newcastle refused to let Cabaye go and he has since gone on to impress again in the Premier League for Alan Pardew's side.
However, the 27-year-old remains a target for Wenger and reportedly several other Premier League managers and it is thought some are weighing up making a fresh move for him in the new year.
Newcastle, though, are desperate to keep hold of the man who famously scored the winner at Old Trafford recently and have apparently decided he is only available if someone pays over £20million.
That figure could well put Wenger off and instead may mean French champions Paris Saint-Germain are now favourites to land Cabaye, should he make it clear he does want to leave St James' Park.
Newcastle last week