The big-spending Ligue 1 outfit are thought to be keeping tabs on Cabaye, with reports suggesting they are lining up a £22million bid for the 27-year-old.
While Blanc has reiterated his admiration for Cabaye - who was also subject to a failed bid from Arsenal in the last transfer window - the PSG boss is not expecting much business in January.
His comments come as Cabaye has been in fine form for the Magpies this term, netting five times in 19 appearances, including three goals in the last four games.
Blanc said: "We will not change much. If there is movement, it will not be much.
"I am very happy with the strength of my squad, but there may be movement based on departures.
"I have always thought that Cabaye is a very good player. But I have nothing more to say."
PSG currently lead Ligue 1 by three points from Monaco, with third-placed Lille a point further behind, while Blanc's side face Bayer Leverkusen in the last 16 of the UEFA Champions League.
Blanc added: "We had a very good first half of the season.
"I think the pressure of Monaco and [third-placed] Lille is good for everyone. They encourage us not to relax our efforts.
"We are ambitious and calm. This certainly comes from our good results and I hope they will be as good in 2014."