The 23-year-old midfielder has attracted interest from a number of clubs, after a series of impressive performances for the reigning Ligue 1 champions over the past 18 months.
Cabella was instrumental in Montpellier's ascent to Le Championnat in 2011/12, and has played a starring role again this season, both domestically and in the Champions League.
Gunners boss Arsene Wenger is keen to bring the former France U21 international to the Emirates Stadium this summer, reuniting Cabella with former Montpellier team-mate Olivier Giroud in north London.
However, Arsenal will face serious competition from Lille for the player's signature, though neither club will get their hands on the attacking midfielder if Montpellier owner Louis Nicollin gets his way.
"We cannot afford to lose both Cabella and [Younes] Belhanda," he said in an interview with Canal Plus.
Belhanda has also been linked with a Premier League move, with Arsenal's north London rivals Tottenham Hotspur believed to be planning a summer swoop.