With the sovereign wealth fund of Saudi Arabia powering Newcastle, the club are expected to emerge as a major force in the transfer market in the coming years.
While the January transfer window is expected to be more sedate as the club are looking to survive in the Premier League, they are expected to spend big next summer if they are still a Premier League club in the 2022/23 season.
And it has been claimed that they are already stepping on their interest in Vlahovic, who is already wanted at Manchester City, Tottenham and Liverpool.
According to Italian daily La Nazione, the Magpies have made initial enquiries for Vlahovic with a view to signing him in the future.
The striker has rejected an offer of a new contract and is expected to leave Fiorentina at the end of the season.
He has emerged as a potential target for Newcastle and the club are laying down the groundwork to make a move for him.
The Serbian is most likely to leave next season but it has been claimed Fiorentina could cash in even in January if they receive the right offer.
Vlahovic is also on the radar of Borussia Dortmund, who see him as a replacement for Erling Haaland.