Manager David Moyes watched Mitrovic score his eighth goal in 11 games on loan at Fulham this week, and also saw him score for Serbia a week earlier.
Newcastle would demand around £20 million [The Mail] for Mitrovic, and Fulham will want him too, but West Ham have a trump card to tempt the Magpies with a swap offer.
West Ham forward Javier Hernandez is unsettled after signing for the Hammers for £16 million last summer from Bayer Leverkusen.
"I cannot guarantee anything", Hernandez told Mexican outlet Univision this week, expressing a dissatisfaction at spending time on the bench.
Newcastle were linked with Hernandez last summer and local paper The Chronicle yesterday already put forward the possibility of Newcastle renewing their interest this summer.
A swap deal could really work for both teams and players, allowing both strikers fresh starts at Premier League clubs, and allowing each side to shift an unwanted asset and gain a quality replacement in return.
Mitrovic's form is better than Hernandez's right now and West Ham may have to offer Chicharito plus cash to get it done, but it's a move all parties could stand to benefit from.