Newcastle United midfielder Cabaye has long been admired by Blanc, who worked with the former Lille man during his spell in charge of the France national team.
The 48-year-old is hoping to bring Cabaye to the Parc des Princes, but revealed Pjanic, who left Lyon for Roma in 2011, could be signed as an alternative.
"Yes, Pjanic is interesting," Blanc said at a press conference on Friday. "He could be a good alternative to Cabaye.
"They are both targets for PSG; they are very technical players who have the same profile."
Blanc offered a positive update on the fitness of 18-year-old Adrien Rabiot, who suffered knee ligament damage in the Coupe de la Ligue win at Bordeaux earlier this month.
There had been fears that the teenager would spend considerable time on the sidelines, but Blanc has indicated that Rabiot could make a quick recovery.
"He (Rabiot) has lateral ligament damage," Blanc added. "There is rehabilitation work to do, but no operation.
"The news is very positive. He will be training in the beginning or middle of next week."
Defending Ligue 1 champions PSG, five points clear at the top of the table, travel to Guingamp on Saturday, seeking to get back to winning ways following a 2-1 home defeat to Montpellier in the Coupe de France.
