Eintracht Frankfurt reportedly rejected Newcastle's bid of € 80 million (£ 69.4 million) on Star Striker Hugo Ekitike.
Mail Sport understands that the Bundesliga side wants £ 86 million for the French attacker and Newcastle will have to break their transfer record to complete a move.
Alexander Isak, who they signed for £ 63 million from Borussia Dortmund in 2022, is their current record signature.
There have been conversations since another target in Newcastle, Joao Pedro, became a member of Chelsea, and further meetings were held on Monday in Austria, where Eddie Howe's team arrived for training for the season.
Ekitike only signed for Frankfurt last summer for € 16.5 million (£ 14.3 million) and was contracted until 2029.
The 23-year-old had previously spent the second half of the 2023/24 season on the German side of Paris Saint-Germain.
The France Youth International has been on the Newcastle radar since 2022, but has also interested this window of Chelsea and Liverpool with Manchester United in the background.
He scored 26 goals and gave 14 assists in 64 Gamse for Frankfurt, who will compete in the Champions League next season after third place in the Bundesliga.
The sports director of Eintracht Frankfurt, Markus Krosche, wants to relocate, although other clubs are willing to offer more, Sky Sports reports.
The Newcastle offer comes when Liverpool showed interest in their top scarks Isak.
The Reds reportedly approached Newcastle to sign Alexander Isak and have shown their interest in a deal with a value of around £ 120 million.
The Premier League champions have not made a formal offer and are 'well aware' of the attitude of the Magpies that their star is not for sale.
The Reds have long admired the 25-year-old, whose 23 league goals were only improved in the last term by Liverpool Talisman Mohamed Salah.
In total, Isak has scored 62 goals in 109 performances for Newcastle since his relocation of Sociedad in 2022, with his goals that help the side to claim the Carabao Cup in March – the first major trophy of the club in 70 years.
Liverpool is also apparently interested in Ekitike as a potential alternative if they cannot create Isak.
Last week the Magpies completed their first major deal of the window and Nottingham Forest Winger Anthony Elanga signed for £ 55 million.
The Swedish international will stimulate the attacking ranks of Newcastle if they return to the Champions League next season.
Elanga scored six times and claimed 11 assists for Nuno Espirito Santo's Nottingham Forest Side last season when they qualified for Europe.