Newcastle will face stiff competition from Manchester City and Real Madrid for the signature of Darwin Nunez, according to reports.
The Magpies have begun to draw up a list of transfer targets ahead of the January window.
Eddie Howe's side remain rooted to the foot of the Premier League following their 2-0 defeat by Arsenal in the early kick-off on Saturday.
Newcastle are yet to win a game this term and will be keen to strengthen their squad in the winter window in order to boost their survival prospects.
Without a clean sheet all season, the Magpies will no doubt be eyeing a defender or two in the mid-season market.
Howe might also seek to bolster his team's attacking ranks, with Nunez among the names under consideration.
According to Portuguese publication Record, Newcastle are in the race to sign the Benfica frontman.
However, they will find it difficult to win the race for his signature, with Manchester City and Real Madrid also keeping tabs on the 22-year-old.
Inter and Atletico Madrid are also monitoring the situation ahead of potential moves in January.
Newcastle may have ambitions to one day be competing with the aforementioned clubs in the Champions League.
For the time being, though, St James' Park is not as attractive a destination as places like San Siro, the Etihad Stadium or the Estadio Santiago Bernabeu.
Perhaps the only chance Newcastle have of signing Nunez is by blowing the the likes of Manchester City and Real Madrid out of the water by offering a large sum for the striker.
The Magpies are constrained by Financial Fair Play considerations, however, while it is unclear whether Nunez would even agree to a move to Newcastle.
The former Almeria forward has scored five goals in nine league appearances for Benfica this term.
He has also impressed in the Champions League, finding the net three times in his team's first five group games.
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