The 28-year-old has been excused from Newcastle's squad to face Norwich City and will fly to Paris on Tuesday to undergo a medical and discuss personal terms.
The Ligue 1 giant dispatched representatives to Tyneside to thrash out a deal for the 28-year-old after an initial offer - believed to be in the region of €17 million - was rejected and Cabaye has now been excused from the Newcastle squad to face Norwich City on Tuesday evening as he flies to Paris to undergo a medical and discuss personal terms.
Newcastle manager Alan Pardew had already admitted on Monday that he was not confident of keeping his star playmaker beyond Friday's transfer deadline in the face of PSG's interest and a transfer now seems to be a matter of time.
"Am I confident of retaining Cabaye? No, I'm not confident and I don't think any team not in a Champions League position or fighting for a Champions League position could be," Pardew stated earlier this week.
Paris Saint-Germain has long been in the market for a new midfielder and Adrien Rabiot's knee injury further sped things up, prompting the Ligue 1 champion to move for Cabaye.
The France international had joined Newcastle from Lille in the summer of 2011, but is now on the verge of a return to his native country.
Newcastle, meanwhile, has earmarked Montpellier star Remy Cabella as Cabaye's replacement, with MHSC chairman Laurent Nicollin claiming a deal is in place to sign the midfielder this summer.
"We have an agreement with the leaders of Newcastle that I will not reveal," Nicollin told Midi Libre earlier this month. "But it does not include a departure for Remy before June, it is a certainty."