Newcastle have an interest in Southampton full-back Kyle Walker-Peters, but a deal could depend on how much the Magpies have in their budget after completing their priority transfers.
Following Sandro Tonali's move from AC Milan, Newcastle still intend to see if they can prise James Maddison away from Leicester City and out of Tottenham's clutches.
They also want a centre-back, such as Joachim Andersen from Crystal Palace.
Tonali's deal is expected to cost around £52m plus bonuses and a sell-on percentage.
Milan had been looking for much more after previously discussing a potential deal with Chelsea for the Italy U21 international which would have involved players in return.