London - Newcastle have turned down Arsenal's £12 million bid for France midfielder Yohan Cabaye, according to reports on Monday.
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Cabaye has been targeted by Arsene Wenger as the Arsenal manager looks to bolster his injury-hit squad after Saturday's dismal 3-1 defeat at home to Aston Villa on the opening weekend of the Premier League campaign.
Angry Arsenal fans chanted for Wenger to splash the cash at the final whistle after the Frenchman failed to make a marquee signing during the close-season.
But Wenger's offer for Cabaye is reported to have fallen well short of Newcastle's valuation and Magpies boss Alan Pardew has no intention of losing the former Lille player on the cheap.
Wenger, who has only eight fit senior players ahead of Wednesday's crucial Champions League play-off first leg at Fenerbahce, is also planning to make a combined £35 million bid for Swansea striker Michu and his team-mate Wales defender Ashley Williams, according to the London Evening Standard.
Meanwhile, Cabaye, who is said to be valued at around £20 million by Newcastle, is now set to start when his club kick off their Premier League campaign at Manchester City later on Monday.
The 27-year-old has made 73 appearances for Newcastle since joining from Lille in 2011 and has become a firm fan favourite.
Pardew knows he can ill-afford to lose Cabaye after suffering his own frustrations in the transfer market, with on-loan QPR striker Loic Remy, who is currently sidelined with a calf injury, the Magpies' only pre-season signing.