The 24-year-old was strongly linked with a switch to St James's Park in the January transfer window but ultimately remained with the Ligue 1 outfit.
Earlier this month, Cabella confirmed that he would not be staying at Stade de la Mosson beyond the summer, and the Frenchman - whose contract expires in 2016 - says that he is permitted to leave in the event of an "interesting offer".
"I have an arrangement with Montpellier in case an interesting offer pops up," he told Telefoot. "I'll reflect quietly about it to make the best decision.
"Newcastle is a good club in England. We will see what the coach will tell me. I have to do the right choice for Euro 2016.
"I could also stay in France. OM is one of the great French clubs and great French clubs interest me."
Cabella scored 14 goals for the French club last season and remains on standby for a call-up to France's World Cup squad.