The two players were close friends as part of the Lille side which won the Ligue 1 title in 2010, and Cabaye advised Hazard to come to England after enjoying a successful first season himself at Newcastle
"The Premier League will be good for Eden's progression," Cabaye told the Daily Mail.
"He had already won the French player of the year award twice. Everybody in France knows him, so the best way for him to improve again and to become one of the big, big players in the world - which he can be - was to move here.
He added, "I don't have much doubt that he'll become one of the best players in the league, especially if he continues to play like he did last week."
The two go head-to-head this weekend as Newcastle travel to Stamford Bridge aiming to repeat a memorable 2-0 win in the corresponding fixture last season. Cabaye says he is looking forward to locking horns with his friend and former team-mate.
"I will speak to Eden before the game," Cabaye stated. "I'm sure we will have a laugh and joke with each other and it will be the same on the pitch.
"He is my friend, so I will smile with him. I've played against him once before, when France played Belgium, and it will be the same this time.
"I spoke to Eden before he joined Chelsea. He asked me about the Premier League. I told him that this league would be everything he expected and more."