The 70-year-old's comments come just days after his son and club chairman Laurent said that an agreement between the two clubs has been reached over the transfer of the 23-year-old in the summer.
"For us to let Cabella go in January, Newcastle will have to pay what Real Madrid paid for Gareth Bale," The Mirror quotes him as saying.
"Personally, I wouldn't go there. You must get bored shitless in Newcastle. Remy is a boy I love and he deserves a better club than Newcastle. If they pay the money in summer, there will be no problem, but I would advise him to go elsewhere.
"If there are good offers, then that will allow us to have a good season next year, especially if we are in the top division – but there's no question at all of him leaving now."
Madrid paid Tottenham Hotspur a world-record fee of £86m to sign Bale last summer.