... Mike Ashley believes he will get more for the Frenchman AFTER the World Cup.
The France international joined Newcastle from former Ligue 1 champions Lille in 2011, but came close to moves to Paris Saint-Germain and Arsenal over the summer.
Cabaye was keen on a transfer but neither club met Newcastle's valuation of the midfielder, and so he went on strike and refused to play for Newcastle.
Obviously he is not happy at the club, although no specific reason has been given why ... although money is sure to play some part.
Liverpool are looking to bolster their midfield after Steven Gerrard suffered a hamstring injury in his side's 4-1 victory over West Ham United, and perhaps he is seen as the man to replace the England skipper.
However I wouldn't read too much into the speculation, because the Reds have also been linked with PSG's Javier Pastore and Juventus's Claudio Marchisio.