Newcastle are attempting to structure a deal for Bournemouth striker Callum Wilson that would involve Matt Ritchie going in the other direction.
Aston Villa are also in the market for the England international, but their offer, which is also still being discussed, would not involve a player as a makeweight.
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No official bid has been made by either Newcastle or Villa at this stage.
Bournemouth's primary transfer target this month is former player Ritchie, whose family still live in the area.
Ritchie signed a new deal at Newcastle in March this year, joining Jonjo Shelvey in agreeing new terms at St James' Park.
Wilson has scored 67 goals in 180 Bournemouth appearances since joining the club from Coventry in 2014.
The 28-year-old, who is keen to remain in the Premier League next season, has also attracted interest from Fulham, West Ham and Tottenham this summer following Bournemouth's relegation.
Newcastle, meanwhile, are in talks with Arsenal over the loan signing of defender Rob Holding.
The 24-year-old started in Saturday's Community Shield victory over Liverpool, which Arsenal won 5-4 in a penalty shootout after a 1-1 draw.
However, the imminent arrival of Gabriel from Lille is likely to limit Holding's game time at Arsenal and he is thought to be open to the move.
Holding would boost Steve Bruce's centre-back options going into the new Premier League season, which starts at West Ham on September 12.
Federico Fernandez and Ciaran Clark started at centre-back in Newcastle's 2-1 friendly win over Barnsley on Saturday, with Florian Lejeune and DeAndre Yedlin replacing them off the bench. Jamaal Lascelles meanwhile is recovering from an ankle injury.
Aston Villa have had a £10m bid for Matty Cash rejected by Nottingham Forest.
The right-back has several admirers in the Premier League with Villa the latest to test the Championship club's resolve with a bid for one of their key players.
Cash scored eight times in 41 appearances last season as Forest failed to make the play-offs.
It is expected that Villa will prepare a second offer, with boss Dean Smith rating Cash highly.
However, a new striker remains Villa boss Dean Smith's overwhelming priority in this transfer window.
All the latest news, analysis and rumours from the window in one place.
The summer transfer window will run for 10 weeks from July 27 and close at 11pm on October 5.
A domestic-only window for trades between the Premier League and EFL then runs from October 5 and closes on Friday, October 16 at 5pm.
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