Magpies boss Eddie Howe wants to add another wide forward to his squad and the club are moving to try and land Barnes.
They have been tipped to agree a fee with Leicester for Barnes, despite the two clubs holding a different valuation.
There is expected to be movement in the transfer chase early next week as Newcastle hit the accelerator on the swoop.
Newcastle asked Leicester about Barnes last year and were told they would need to pay £60m to sign him.
The Foxes’ relegation has changed the picture and the King Power Stadium outfit are likely to want £40m for Barnes, feeling the fee they banked from selling James Maddison to Tottenham Hotspur sets a benchmark.
Barnes found the back of the net 13 times for Leicester last season, though was unable to help the club avoid the drop.
A move to St James’ Park would hand the winger an opportunity to play in the Champions League next season, which is sure to tempt him to the north east.
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