Newcastle have rejected a bid of 14 million pounds from Paris St Germain for Yohan Cabaye. Press Association Sport understands the big-spending French club has finally formalised its interest in the former Lille midfielder, but that the offer was swiftly rebuffed.
Speculation has been mounting for weeks that PSG would make a move for the France international this month despite manager Laurent Blanc's earlier indication that they would not.
However, ESPN sources close to Newcastle have revealed that it would take a bid of closer to 20 million pounds to be considered.
Cabaye, 28, joined the Magpies from Lille in 2011 and has gone on to thrive at St James' Park. The France international has been at the heart of the club's success this season and has subsequently seen his name linked to PSG, but the two clubs are far apart on price and negotiations will need to continue if a deal is to be done.