The Gunners saw an initial bid for the Frenchman knocked back recently, and were believed to have ended their interest in his signature.
But, Arsene Wenger is ready to return with a take-it-or-leave-it offer for Cabaye, as he looks to bolster his squad before the transfer window closes.
The Londoners have endured a quiet summer, with a number of big name targets escaping the club’s grasp.
Luis Suarez, Luiz Gustavo and Gonzalo Higuain were all said to be close to moving to the Emirates Stadium, but eventually opted to head elsewhere or stay put.
This has angered sections of the club’s support, who are frustrated that Yaya Sanogo and Mathieu Flamini – both of whom were free transfers – have been Arsenal’s only pieces of business.
Wenger is hoping to remedy this with a move for Cabaye, who is believed to be keen to make the move to the capital.
Meanwhile, Arsenal are also said to be chasing Schalkes’s Julian Draxler and Mesut Ozil of Real Madrid.
Draxler is thought of as one of the top emerging stars in the Bundesliga, but his club are said to value him at around £60m.
Ozil is said to be keen to leave Real, but a number of top European clubs are also interested.
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