Newcastle signed Chris Wood last week to bolster their attacking options and are believed to be considering signing one more striker.
The Magpies have been looking at a number of options and Zapata is believed to have emerged as one of the top targets on their list.
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Newcastle are interested in taking the Colombian to the Premier League but are claimed to have failed with a bid for him.
According to Italian outlet Tutto Mercato, Atalanta rejected an offer of a loan with an obligation to buy from Newcastle for Zapata.
The Italian club felt that the offer was derisory and are only interested in letting the player go for a straightforward cash offer.
Atalanta want to hold on to him but are prepared to let the forward go if they receive a bid of €40m for him.
Newcastle have not closed the door on signing the striker but for the moment, they are some distance away from an agreement with Atalanta.
It has been claimed that a verbal agreement is in place between Zapata and Newcastle over a contract worth €6.5m per year.
However, Newcastle are not getting help in the form of a discount from Atalanta for the striker.