The Magpies have already snapped up Georginio Wijnaldum and Aleksandar Mitrovic from PSV Eindhoven and Anderlecht respectively, but manager Steve McClaren still needs new reinforcements ahead of the new Premier League season.
Northampton Town forward Toney hit ten goals for the Cobblers last season. The 19-year-old is one of the Football League's hottest up-and-coming strikers, and is on Newcastle's radar.
However, The Mirror report that Championship clubs are also trying to sign Toney - though the teenager wants to join Newcastle rather than a club in the second tier.