Yohan Cabaye
Cabaye signed for Newcastle two years ago.

Newcastle United manager Alan Pardew says only "world class money" will see midfielder Yohan Cabaye join Arsenal.

The Toon rejected a bid thought to be in the region of £10m last week but Arsenal, who are yet to make a significant signing this summer, are expected to return with an improve offer in the last week of the transfer window.

Cabaye is one of the most valuable members of Pardew's squad at St James' Park and following an impressive two seasons in the Premier League, the Newcastle boss rates the Frenchman among the best players in the world.

"He either stays or he goes," Pardew told reporters. "The bottom line with a world class player is he has to go for world-class money."

Arsenal's first offer for Cabaye came on the eve of Newcastle's Premier League opener against Manchester City, disrupting preparations and forcing Pardew to leave the 27 year old out of the trip to the Etihad Stadium and then the visit of West Ham United.

The ex-Lille player will also miss the mid-week League Cup tie against Morcambe also, as uncertainty over his future at Newcastle continues to grow.

"He either stays or he goes but he will not play tomorrow that's for sure," Pardew added.

"The answer to this is not simple. He is either going to be sold and we have to replace him in the window we have left or he will stay.

"As the manager of Newcastle United I have to protect him but the first thing I have to protect is club, and trust me that is first on the agenda while I am here."

Arsenal boss Arsene Wenger remains in the hunt for additional players during a summer transfer window which has been a mitigating disaster with moves for a number of high-profile targets including Liverpool striker Luis Suarez failing to materialise.

Like the Arsenal boss, Pardew has suffered similar problems this summer with Loic Remy the sole addition on loan from Queens Park Rangers with new signings few and far between amid a summer of upheaval which saw Joe Kinnear appointed as director of football.