According to the Chronicle, Portuguese source A Bola have reported that Newcastle are interested in Sporting Lisbon midfielder William Carvalho.
Though the 25-year-old has a current deal with Lisbon which expires during 2020, the club may sell him due to their financial problems.
However should Newcastle fancy a swoop, they may have to compete with the likes of Manchester City as well as West Bromwich who may be preferred due to their statuses within the Premier League.
It is uncertain what fee Sporting would want to for the sale of Carvalho. However according to reports, it will be in the region of £30 million to £40 million.
The Magpies will need to bring in quality players next season as Rafa Benitez aims to create a team that is competitive in the Premier League.
Should the Magpies manage to complete the purchase of the highly rated Portugal international, it will likely become a club record and eclipse the £21.25 million which they paid Real Madrid for Michael Owen in 2005.