The France international, who moved to St James' Park in June 2011, is reported to be interesting Paris St-Germain, whose manager Laurent Blanc recently made complimentary comments about Cabaye.
The PSG boss also claimed that Tottenham were interested in the 27-year-old, who has been linked with Manchester United as well.
However, Pardew has praised former Lille player Cabaye for the way he has conducted himself both on and off the pitch amid the recent speculation.
"You want to keep hold of your best players and Yohan is one of the best in the world, in my opinion," the Magpies boss declared.
"He has been a fantastic asset for us and has conducted himself in the right manner through all the speculation, and I admire him for that.
"It can only be good for his confidence if more and more clubs get involved - good luck to him."