He started just 13 Ligue 1 games for PSG last season and wants regular football in England.
He began his career at Lille before a £4.4million switch to Newcastle in 2011. Then Magpies boss Alan Pardew sold him to the Paris club for £19million 18 months ago.
PSG have fierce competition in central midfield with Marco Verratti, Thiago Motta and Blaise Matuidi all vying for a starting position through the middle.
The 29-year-old said: "I know that if I stay, whatever I'll do, nothing will change."
"If there is an opportunity to go back to England, I hope everyone will be smart enough to do things well. But there could be other destinations."
Cabaye features in the France squad, who were beaten by Belgium 4-3 at the Stade de France in a friendly last Sunday. They travel to Albania on Saturday.