Newcastle have had a bid knocked back by Feyenoord for striker Nicolai Jorgensen, according to Sky sources.
Sky Sports News understands Newcastle owner Mike Ashley is willing to break the club's 12-year transfer record of £16m for the Danish international, but the Dutch side are looking for more than £20m.
The 27-year-old has scored 26 goals in 43 games for Feyenoord since joining the club in 2016 from Copenhagen and has 28 caps for his country.
He has five goals in his last six appearances for the fifth-placed Eredivisie side.
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Newcastle have a bid on the table from Brighton for striker Aleksandar Mitrovic but are unwilling to sell until they secure a replacement.
Newcastle manager Rafa Benitez repeated his hope that he will still be able to add to his squad during the transfer window following his side's 3-1 loss at Manchester City on Saturday.
Kenedy joined Newcastle on loan from Chelsea for the rest of the season on Tuesday.