The Magpies are interested in getting their hands on the England midfielder as Eddie Howe pushes to add more quality to his squad before the end of the window.
But they have found reluctant sellers in Leicester, who have rejected two bids from Newcastle so far.
Their last bid was around £40m, which was some way away from what could make Leicester sell the player this summer.
And it has been claimed that Newcastle are not expected to get close to Leicester’s asking price in the ongoing transfer window.
The Foxes do not want to sell but there is a feeling that they could soften their stance if some club get close to the £60m mark.
However, Newcastle have been reluctant to pay those levels and are not interested in changing their tactics for Maddison.
They are still weighing up making a third offer but for the moment it seems unlikely that a deal will be agreed.