The Magpies have already signed Sandro Tonali from AC Milan for a deal that could be worth up to €80m this summer.
They are also in advanced talks with Leicester City for the signature of Harvey Barnes but the club are set to hit their spending limits for this summer.
Heavy spending over the last three transfer windows has pushed Newcastle to their FFP limits but Eddie Howe is still said to be looking for reinforcements, especially in attack.
And according to French sports daily L’Equipe (print edition), Newcastle are still considering signing Lille’s David in the ongoing transfer window.
The Canadian forward has been heavily linked with a move to the Premier League this summer.
Newcastle have been keeping tabs on him and are still weighing up making an offer for him.
The club would likely need to raise funds from player sales before trying to sign David this summer.
Tottenham are also tracking him as a potential replacement for Harry Kane if he leaves the club ahead of the new season.
