"It is not done. There are discussions, that's true, but it is not finished," said Al Khelaifi just as widespread British media reports have claimed that Newcastle have agreed to sell the French international midfielder.
PSG were reported to have had a £14 million ($23.1 million, 16.9 million euros) offer for the 28-year-old rejected on Sunday, but several media outlets, including the BBC, claim that a deal worth around £20 million has now
French sports daily L'Equipe report that Cabaye will sign a three-and-a-half-year deal once he passes a medical, probably on Wednesday.
Meanwhile, Cabaye was reported to have travelled to Paris on Tuesday, ruling him out of Newcastle's trip to Norwich City in the Premier League later in the day.
Speaking on Monday, Newcastle manager Alan Pardew had expressed pessimism about the club's chances of holding onto Cabaye, who signed from Lille for a fee of £4.3 million in 2011.
"You are talking to someone who lost Andy Carroll (to Liverpool in January 2011) with eight hours to go (in the transfer window), so am I confident?" he asked at a press conference.
"No, I'm not confident, and I don't think any team not in a Champions League position or fighting for a Champions League position could be."
Cabaye missed the first three games of the season after Arsenal reportedly had a £10 million bid for him rejected last August.
He subsequently issued an apology to Newcastle's fans, asserting that he was "happy" at the club.
PSG coach Laurent Blanc has confirmed his interest in both Cabaye and Roma midfielder Miralem Pjanic.
"They are two targets that are interesting for Paris Saint-Germain," he said last week.
"They have the same profile and they're very technical. There are negotiations, which sometimes go on. Will it become concrete? I don't know."
Blanc can already call upon Thiago Motta, Blaise Matuidi, Marco Verratti, Javier Pastore and Adrien Rabiot in central midfield, but he is looking to bolster a squad that is competing in Ligue 1, the League Cup and the Champions League.