The 24-year-old was originally named on Didier Deschamps's stand-by list for the tournament, but injury to Clement Grenier has seen the midfielder earn a place in the 23-man squad.
Cabella has already stated his desire to leave the Ligue 1 side, with Newcastle in talks to bring him to the Premier League, and Nicollin is confident that exposure in this summer's showpiece can force up his price.
"I'm happy [for Cabella's call-up], because he's a great kid," he told L'Equipe.
"This shows the quality of our academy. It is highly probable that I'll go see all the national team's games.
"I'm happy I didn't sell him €8m to Newcastle."
Cabella scored 14 goals in 37 appearances for Montpellier in Ligue 1 last season.