Newcastle have identified Cabella as one of their prime transfer targets and the player's father recently suggested a deal would be done this month.
However, it now appears likely that the 23-year-old will be moving to St James' Park at the end of the season following confirmation of an agreement from Montpellier chairman Laurent Nicollin.
"We have an agreement with the leaders of Newcastle that I will not reveal," Nicollin told Midi Libre.
"But it does not include a departure for Remy before June, it is a certainty."
The French club have previously suggested that Cabella, who has also been linked with Arsenal and Manchester United, would command a fee in the region of £15million.
Speaking earlier this month, Cabella acknowledged that he would be prepared to consider a move to Newcastle if the two clubs agreed a deal.
"For the moment, in my head, I'm 100 per cent Montpellier," he told French radio station RMC.
"If a proposal comes, it is up to the two clubs to discuss and I will think in terms of that.
"I am not aware of what is happening, I am dedicated to playing and that is the most important."
Asked about a prospective move to the north east, he added: "Newcastle? Well, we realise that at some point we must leave. I think I'm capable of it.
"England interests me, there are good clubs out there. If Montpellier reaches an agreement with an English club that suits me, I'll be happy.
"I think this is my last season with the club and I do not want to leave Montpellier in Ligue 2."