Newcastle are weighing up moves for Porto striker Luis Diaz and Wolves defender Conor Coady in January, according to reports.
The Magpies extended their winless run at the start of the season to nine games after a 1-1 draw with Crystal Palace on Saturday.
Newcastle remain 19th in the Premier League table with just four points to their name from a possible 27.
Graeme Jones is currently in charge at St James' Park on an interim basis, as Newcastle's new owners continue the search for a permanent successor to Steve Bruce.
Paulo Fonseca is in pole position to fill the vacancy in the northeast, with talks expected to intensify in the coming days.
In the meantime the club's recruitment team has already begun to look towards the January transfer window.
It is widely believed that Newcastle will need to strengthen their squad in the winter window if they are to avoid relegation to the Championship.
And the latest reports suggest they are eyeing reinforcements at both ends of the pitch.
According to Sport TV, a Portuguese television network, the Porto striker Diaz has emerged as a key target for the Magpies.
Newcastle might have to trigger his £68m release clause to land a player who has started the season on fire in the Primeira Liga.
The Colombia international has scored six goals in nine league outings for Porto in the 2021/22 campaign to date.
Newcastle have scored in all but one of their Premier League matches so far, but there is still a desire bolster their attacking options.
The defence has been the big problem, though: only Norwich have conceded more goals than the Magpies so far.
The Sun writes that the Wolves skipper Coady features prominently on Newcastle's wish list.
The new owners admire the 28-year-old's leadership and believe his Premier League experience would be a major asset.
However, Wolves are likely to drive a hard bargain for their captain, who is under contract at Molineux until 2025.
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