The 26-year-old playmaker is the latest in a long line of Toon players to be with summer moves, with Barcelona reported to be lining up an £8 million bid for the France international, but the former Southampton boss insisted that the rumour was a sign of the Magpies' progress and nothing more.
Pardew told reporters: "The interest is purely speculative. We have had no contact and certainly no offer, and obviously we wouldn't even consider an offer anywhere near that region.
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The 50-year-old admitted that the club will try to maximise any profit that they get from player transfers, just as they did with the £35m sale of Andy Carroll to Liverpool in January 2011, but are adamant that they will not be doing business unless they receive an offer that they could not refuse.
"I really don't think as the manager you can beat yourself up about it because we are what we are, we can't compete with those really big guns," he continued.
"If they come and they want to pay - and it's going to be very, very expensive for someone like him [Cabaye]. Trust me, he will be inflated - then we have to then go to Plan B, which is to get a replacement."
The Newcastle boss also commented on striker Demba Ba, who will be joining Senegal for their Africa Cup of Nations campaign midway through the season, with speculation regarding his future and contract neogtiations rife, despite the man himself indicating that he is happy on the Tyneside.
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"He had a brilliant, especially first half, of the season. After the [Cup of Nations], it didn't go perhaps as well for Demba as it could have, and that's something we will look at because we want him to be at his very, very best.
"But we are planning for him to have another great season with us."