The Arsenal boss had a bid for Cabaye knocked back by the Magpies last week and is expected to return with an improved offer in the coming days.
But 22-year-old Frenchman Guilavogui has been penciled in as the next best option if Newcastle turn Arsenal away for a second time.
The French international, capped twice, has made over 90 Ligue 1 appearances for St. Etienne, scoring nine goals, and has represented France at every level from Under-18 up to the senior team.
Meanwhile, Manchester City’s Gareth Barry may also be a target for Wenger as he desperately scans the market for possible reinforcements who can help him secure another top-four finish ahead of big-spending London rivals Tottenham.
Barry has been left out of both City’s match day squads so far this season and it appears he does not feature in new boss Manuel Pellegrini’s plans, paving the way for him to leave before the transfer window closes early next week.
Barry signed for City in 2009 in a deal worth a reported £12million from Aston Villa and has since made 132 Premier League appearances, scoring six goals.
Everton are currently leading the race for Barry, with a loan deal reportedly close.
Would Guilavogui be a decent replacement for Cabaye?
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