The Magpies have not been active in the market since getting deals done to sign three players in Sven Botman, Matt Targett and Nick Pope early in the window.
Their attempts to sign a forward have suffered issues due to wage demands and transfer fees, and the club are now rethinking their strategy.
Maddison has now emerged as a big target for Newcastle and they tabled a £40m bid for him on Friday.
But Leicester were quick to turn it down as they are intending to hold on to the midfielder for the new season.
Newcastle remain interested and are weighing up the possibility of tabling an improved offer.
Eddie Howe wants more creativity in his squad and Maddison is a player the Newcastle manager likes.
Leicester are the only Premier League side who are yet to sign anyone and they need to sell players to do business this summer.
But Maddison is considered an important part of Brendan Rodgers’ squad and the Leicester boss wants to keep him.
It remains to be seen whether an improved offer from Newcastle softens that resolve in the coming weeks.
