The Magpies roped in right-back Kieran Trippier earlier in the window and are close to sealing a move for centre-back Dan Burn from Brighton, but boss Eddie Howe is looking to further bolster his backline.
Newcastle have zeroed in on Aston Villa left-back Targett, and are locked in talks with the Midlands club over a loan deal for him.
The defender lost his first team spot under boss Lions boss Steven Gerrard following the arrival of Lucas Digne from Everton earlier in this window and is keen on a move to Newcastle.
Both the Magpies and Aston Villa have agreed on a loan deal for Targett but are now looking to sort out finer details, including the player’s long-term future.
And the negotiations over a deadline day deal for Targett are now focused on including an option to make the move permanent next summer.
The 26-year-old was a key player for Villa before Digne’s arrival at Villa Park but is now ready to help Newcastle to maintain their top flight status in the second half of the season, and possibly join them in the long run ahead of next season.
Targett joined the Midlands club on a permanent basis in the summer of 2019 from Southampton for an amount in the £14m range and it remains to be seen what kind of a fee Gerrard’s side are seeking from Newcastle.