Eddie Howe’s side have been trying to put a deal in place with Manchester United to take Lingard to St James’ Park this month.
However, they have been left frustrated at not being able to agree a move and are now switching their focus away from the England international.
Newcastle are instead looking at a move for Tottenham midfielder Alli as an alternative.
Alli has struggled in recent years at Tottenham and the club are believed to be ready to let him depart for the right price.
Whether a move to Newcastle and the prospect of a relegation battle in the Premier League would appeal to Alli remains to be seen.
However, Tottenham are keen to move out fringe stars this month to make room for fresh faces and offloading Alli to Newcastle could suit the London club.
Newcastle are still working intensively in the transfer market as they aim to make several more signings this month.