The 24-year-old enjoyed an impressive campaign with the Ligue 1 outfit, finishing the season with 18 goal contributions from 44 appearances.
He has been linked with a possible move away from Lyon this summer, with Newcastle claimed to be keen to reunite him with Bruno Guimaraes at St James’ Park.
However, Newcastle are not looking to sign Paqueta and are focusing on other targets.
The door could be left open for Tottenham Hotspur, who have also been credited with holding an interest in the Lyon man.
Spurs have had a cash injection of £150m from the club’s owners and boss Antonio Conte wants to strengthen his options ahead of a season which will include Champions League football.
They are also keen on Christian Eriksen, a player Newcastle are trying to land.
All eyes will be on whether Newcastle do switch their focus to Paqueta if they are unable to land their preferred targets this summer.
