Magpies boss Eddie Howe insists the club have no bids in for targets currently, but they are expected to be active as they look to improve their squad.
Newcastle are now being linked with Lazio’s Milinkovic-Savic and, according to Italian daily Il Messaggero, could be ready to put in an offer of €60m.
Lazio supremo Claudio Lotito has been insistent that he will not sell the midfielder, but it is suggested he is privately contemplating it.
A departure for Milinkovic-Savic would also not be opposed by Lazio coach Maurizio Sarri, provided a replacement is found.
Milinkovic-Savic has made 16 appearances in Serie A for Lazio so far this season, being booked six times in the process.
At the Italian giants since 2015, despite being repeatedly linked with a move to the Premier League, the Serbia international midfielder has now made over 300 appearances for the club.