The 27-year-old has been the subject of interest from Paris Saint-Germain this summer, with the Ligue 1 side's coach, Laurent Blanc, stating his interest in bringing him to Parc de Princes.
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"You want to keep hold of your best players and Yohan is one of the best in the world, in my opinion," the Magpies boss told The Chronicle.
"He has been a fantastic asset for us and has conducted himself in the right manner through all the speculation and I admire him for that.
"It can only be good for his confidence if more and more clubs get involved - good luck to him."
Cabaye has scored 10 goals in 60 Premier League appearances since making the move to St James' Park from Lille in June 2011.