Eintracht Frankfurt have reportedly rejected Newcastle's €80million (£69.4m) bid for star striker Hugo Ekitike.
Mail Sport understands that the Bundesliga side wants £86m for the French forward and Newcastle will have to smash their transfer record to complete a move.
Alexander Isak, who they signed for £63m from Borussia Dortmund in 2022, is their current record signing.
Talks have been ongoing since another Newcastle target, Joao Pedro, joined Chelsea, and further meetings were held on Monday in Austria where Eddie Howe's squad have arrived for pre-season training.
Ekitike only signed for Frankfurt permanently last summer for €16.5m (£14.3m) and is contracted until 2029.
The 23-year-old had previously spent the the second half of the 2023/24 season on loan at the German side from Paris Saint-Germain.
The France youth international has been on Newcastle's radar since 2022 but has also attracted interest this window from Chelsea and Liverpool with Manchester United in the background.
He has scored 26 goals and provided 14 assists in 64 gamse for Frankfurt, who will compete in the Champions League next season after finishing in third in the Bundesliga.
Eintracht Frankfurt's sporting director Markus Krosche wants the move, although other clubs are willing to offer more, Sky Sports reports.
Newcastle's bid comes as Liverpool expressed interest in their top marksman Isak.
The Reds have reportedly approached Newcastle to sign Alexander Isak and have expressed their interest in a deal worth around £120million.
The Premier League champions have not made a formal offer and are 'well aware' of the Magpies' stance that their star man is not for sale.
The Reds have long admired the 25-year-old, whose 23 league goals last term were only bettered by Liverpool talisman Mohamed Salah.
In all, Isak has netted 62 goals in 109 appearances for Newcastle since his move from Sociedad in 2022, with his goals helping the side claim the Carabao Cup in March - the club's first major trophy in 70 years.
Liverpool are also seemingly interested in Ekitike as a potential alternative if they can't scoop Isak.
Last week the Magpies completed their first major deal of the window, signing Nottingham Forest winger Anthony Elanga for £55m.
The Swedish international will boost Newcastle's attacking ranks as they return to the Champions League next season.
Elanga scored six times and claimed 11 assists for Nuno Espirito Santo's Nottingham Forest side last season as they qualified for Europe.