The under-fire Arsenal manager, in Istanbul with his team for Wednesday's Champions League play-off first leg against Fenerbahce, has had a frustrating summer as he seeks to spend his £80million transfer kitty.
Arsenal bid £12m on Sunday for 27-year-old Cabaye, but PSG may be prepared to offer as much as £20m for the impeccable midfielder.
To miss out again would be a bitter blow to Wenger, who is under pressure after hostile supporters protested during and after Saturday's 3-1 home
defeat by Aston Villa in their Premier League opener.
Newcastle chairman Mike Ashley and manager Alan Pardew, angered by the timing of Arsenal's approach and their valuation, are virtually resigned to losing the France star.
Cabaye was left out of Monday night's 4-0 thrashing at Manchester City, but they are reluctant to do business with the north London club.
Ashley revealed that Cabaye was his favourite Newcastle player and a contingent from Newcastle flew to Paris to meet Cabaye's representatives on
Tuesday, they are also prepared to meet PSG officials.
PSG coach Laurent Blanc also infuriated Pardew in particular during the summer with his public pursuit of the player who joined Newcastle two years ago and has become an integral part of the side.
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