According to the Daily Star, Newcastle are ready to renew their interest in the Montpellier playmaker after failing to snap him up in the January transfer window.
His French employers want £15m for him this summer, something Newcastle can afford after the sale of Yohan Cabaye to Paris Saint Germain in the winter window.
Arsenal boss Arsene Wenger has been a long-term admirer of the French attacker, while Manchester United have also been mentioned as potential suitors.
Montpellier president Louis Nicollin was dismissive of Newcastle's interest in Cabella earlier this year, but the 24-year-old is reportedly keen to hear what Alan Pardew's side have to offer.
The report claims Newcastle will look to make their move for Cabella early on in the summer window, before the likes of Arsenal and United can beat them to it.
Both Premier League giants boast great financial spending power than Newcastle, but Pardew's side have a number of French speaking players at the club already that could play a key role in further recruitment.
Cabella played alongside Arsenal striker Olivier Giroud during Montpellier's Ligue 1 winning season of 2011-12.