The Ligue 1 champions are keen to sign a midfielder and have turned their attention to the Newcastle star.
The Ligue 1 champions have been linked with a number of central midfielders in the past few weeks — including Juventus' Paul Pogba and Miralem Pjanic of Roma — and Blanc has acknowledged that Cabaye is an option, too.
"Cabaye? He's a player I know well and who has the right attitude," Blanc told Canal Plus. "Yohan is not the only player on our shortlist, though. We have other options. It would be good if we sign another midfielder.
"We are happy with the current squad, but we're competing on three fronts and anything can happen. Just look at Adrien Rabiot's injury. Having an extra midfielder who's capable of relieving some of the pressure on our current options would be a boost."
Cabaye, 28, has a contract with Newcastle until the summer of 2016.