Arsene Wenger is keen to fill the void in midfield left by the departure of Alex Song and could use the money to swoop for one of the Magpies stars.
Reports claim that the Gunners asked the Toon Army about the availability of Cabaye last month, although Newcastle want a transfer fee of around £20m for the Frenchman.
The North Londoners have also stepped up their pursuit of Tiote, whom the club see as a like-for-like replacement for Song. Arsenal are thought to have enquired about the Ivorian last week.
Newcastle are unlikely to want to sell either of the pair but may be tempted to cash in if an offer comes in that is too good to turn down.
Tottenham Hotspur are also rumoured to be interested in Cabaye.