Cabaye left the Magpies in 2014, with Paris Saint-Germain spending £19million to lure the Frenchman back to his homeland, before he returned to the Premier League with Crystal Palace in the summer.
The Magpies have struggled to replace Cabaye's creativity and attacking influence since his departure, but Sissoko believes Shelvey can be just as influential at St James' Park following his arrival from Swansea City last month.
"The players who have come in will help us stay up. The club has brought in some very good players. We now have a good team," Sissoko said.
"I really believe that the club has now replaced Cabaye. Jonjo is the replacement two years after. Jonjo, like Yohan, is a very good player. He sees the game so easily and delivers great balls.
"For me, he is the same style as Yohan and the same qualities, so for me, yes, he is an excellent signing for us.
"It is true when we lost Yohan, the club did not bring in another player like him. There was a gap.