Newcastle tried to secure Cabella's services during the January transfer window only to have their bid rejected by the Ligue 1 club.
Montpellier president Louis Nicollin has reportedly promised the 24-year-old he can leave in June even though his contract does not end until the summer of 2016.
The midfielder tweeted that this weekend's league match would be his final home game for the team - Montpellier face Bastia on Saturday.
Cabella has netted 14 goals this season and two years ago he helped Montpellier claim their first ever Ligue 1 title.
The Magpies had wanted Cabella as a replacement for Yohan Cabaye who departed St James' Park for Paris Saint-Germain in January.