Newcastle have the wealthiest owners in the world following their £300million takeover last week.
The Magpies have since been linked to a host of top players including Niklas Sule and Philippe Coutinho, with Timo Werner now joining that list.
The Premier League club are 19th in the table, winless this season with only three points from seven games, which suggests they need significant strengthening.
TOP STORY – NEWCASTLE KEEN ON GERMAN STRIKER
Newcastle are set to splash the cash and could make a bid to sign Chelsea's German striker Timo Werner, says Bild.
The report claims Newcastle have been "in regular contact" with Werner's agent ahead of the January transfer window.
Werner joined Chelsea in a £47.5million deal in June last year from RB Leipzig.
- Juventus are willing to sell France international midfielder Adrien Rabiot, with Newcastle linked as a suitor, as they raise funds for moves for Monaco's Aurelien Tchouameni and Manchester United's Donny van de Beek.
- Marca claims Real Madrid are looking to sign Chelsea's Germany international defender Antonio Rudiger, who is out of contract at the end of this season.
- Liverpool are open to the idea of bringing Philippe Coutinho back to Anfield from Barcelona in January, claims the Express.
- Fichajes claims Liverpool are also considering a £68million (€80m) swoop for Atletico Madrid star Joao Felix, while they also progress contract talks with Mohamed Salah.
- Barcelona and Milan are top of the queue in the pursuit to sign Jesse Lingard if he leaves Old Trafford on a free transfer at the end of this season, according to the Daily Mail.
- Phil Foden has agreed terms on a new six-year contract with Manchester City, reports Goal.com.