Newcastle failed with a bid to land Cabella in January, following Yohan Cabaye's departure to Paris Saint Germain and it is understood they remain keen on the 23-year-old.
Louis Nicollin: "We promised to let him leave. We will try to advise him to not leave for anywhere. Is Newcastle not a good destination? Don't make me laugh.
"In England you have to go to Arsenal, Chelsea or any of the two Manchester teams.
"If Newcastle would offer €20 million, and Arsenal €5 million? I think I would not sell him. I am capable of doing that. I won't prevent him, but I think he is not made for that.
"Look at any great French players, like Desailly etc...They first left their club for a big French one and then they left for abroad. Remy has to do the same.
"Why not Monaco?! There is no contact, but that is what I believe could be good for Remy. Monaco or PSG, who knows?
"Would I advise him against joining Newcastle? Yes definitely. Arsenal why not. For my dear Yanga-Mbiwa, Newcastle was not Eldorado."