The former England international spent a largely positive time on loan at Lille last season but has failed to build on that at Liverpool, where he is on a staggering contract of around £90,000-a-week.
Rodgers will try and ship Cole out in January and Cabaye, who left Lille for Newcastle last year, believes the troubled former Chelsea star should return to France.
"It is not easy for him because he does not play much," Cabaye told L'Equipe. "It worked well for him at Lille. Maybe would be a good idea for him to return there.
"The club, the coach, the fans love him at Lille. I've heard that [coach] Rudi Garcia would be interested to have him back."