The 27-year-old has been in fine form in recent games, helping Alan Pardew's side to three successive wins in the Premier League.
That run has moved the Magpies up to eighth place in the table - but they are unlikely to mount a bid for a top-four finish, and Cabaye admits he misses Europe's elite competition having had a taste of it while playing for Lille.
Cabaye was the subject of a £10million bid from Arsenal, which was rejected by owner Mike Ashley, before the start of the season - and the Gunners could well reignite their interest next summer.
For now the midfield playmaker, who signed a five-year contract at St James' Park in June 2011, is focusing on the upcoming festive fixtures, saying he has no plans to leave Tyneside in January.
"I miss the Champions League," the Newcastle Chronicle reports Cabaye as saying in an interview with RTL radio station.
"I'll finish this season with Newcastle and concentrate on the coming months and then we'll see."
Cabaye has been a revelation since joining from Lille, making 70 Premier League appearances and scoring 12 goals.
And he is loving life under Pardew, adding: "I love to play in front of the defence, to have the whole game in front of me (and to) recover the ball and then put my team-mates into good positions."