Both players are currently on loan at French club Marseille and initially looked unlikely to make a return to the Premier League.
However, according to the Newcastle Chronicle, the situation could change if boss Rafa Benitez can keep his new-look side from falling out of the top flight.
Marseille are nevertheless keen on signing Cabella for a reduced price this summer, with the Ligue 1 outfit already having the option to make the 26-year-old's stay at the Stade Velodrome permanent.
But the temptation of working with Benitez may prove attractive to Cabella, who reportedly didn't want to leave St James' Park before being offloaded as part of the deal to bring Thauvin to the club.
Thauvin is scheduled to return to the club at the end of the season, although the futures of both players are unlikely to be decided until the end of the season, with Benitez not making any plans for the summer until he knows what division United will be in.
The Magpies travel to already-relegated Aston Villa on Saturday sitting one point clear of the relegation zone, although they have played one game more than both Sunderland and Norwich City.