Press Association Sport understands the two clubs have reached agreement on a deal worth in the region of £12million, and the Magpies will now attempt to complete a swoop for the 23-year-old midfielder which head coach Steve McClaren hopes will add Barclays Premier League experience to his squad.
The news comes less than 24 hours after Senegal international midfielder Henri Saivet joined the club on a five-and-a-half-year deal from Bordeaux for an undisclosed fee.
Shelvey's situation has been monitored from Tyneside for some time with former boss Alan Pardew an admirer during his spell at St James' Park.
However, they have chosen to make their move at a point when the England international is out of favour at the Liberty Stadium, where he has started only two games since November 21, the last of them Sunday's 3-2 FA Cup third round defeat at League Two Oxford.
After that game, the former Charlton and Liverpool player became involved in a row with a disgruntled fan as he left the pitch.
McClaren has been desperate to add players who know the Premier League to his squad after seeing summer signings Aleksandar Mitrovic and Florian Thauvin struggle to establish themselves in English football.
While the club has concentrated its early activity on central midfield, there is little doubt that its main focus has to be to address a crippling lack of goals - the Magpies have scored only 19 in their 20 league games to date, and six of those came in one game against Norwich.
To that end, Newcastle are maintaining an interest in Tottenham and England winger Andros Townsend and are hopeful progress can be made on that front, and are pursuing a series of striking targets.
They received no encouragement whatsoever in their enquiries over Lyon's Alexandre Lacazette, but remain on the trail of Wolfsburg's Bas Dost - both, of course, overseas targets - and are keeping close tabs on developments with former frontman Andy Carroll, now at West Ham, and West Brom's Saido Berahino, another man they have watched for some time.
However, their focus on QPR's Charlie Austin appears to be dwindling with concerns over injuries and the apparent willingness of the player to remain where he is and run down his contract making his capture less likely.
NEWCASTLE UNITED FC
Fri 10th July
Gateshead FC 0 Newcastle Utd 1 (Cisse pen)
(First half): Darlow, Janmaat, Haidara, Lascelles, Williamson, Anita, Colback, Gouffran, Cisse, Sissoko, De Jong. (Second half): Woodman, Bigirimana, Satka, Good, Ferguson, Tiote, Obertan, Aarons, Perez, Armstrong, Riviere.
Tue 14th July
Club Atlas (MEX) 2 Newcastle Utd 1 (Sissoko)
Krul (Darlow 46); Janmaat (Bigirimana 72), Williamson, Lascelles, Haidara (Ferguson 72); Anita, Colback; Sissoko (Obertan 72), de Jong (Perez 72), Gouffran (Aarons 72); Cisse (Armstrong 72).
Sat 18th July
Sacramento Republic FC (USA) 0 Newcastle Utd 1 (og)
Krul (Woodman 46), Janmaat, Williamson, Lascelles (Taylor 46), Haïdara, Anita, Colback, Sissoko, Obertan (Aarons 69), de Jong (Perez 69), Cissé (Wijnaldum 69).
Tue 21st July
Portland Timbers (USA) 4 Newcastle Utd 3 (Wijnaldum, Aarons 2)
Darlow (Woodman 46), Bigirimana, Satka, Ferguson, Aarons; Abeid (Anita 65), Wijnaldum (Janmaat 46), Gouffran (De Jong 76), Sissoko (Obertan 46), Ayoze, Cisse (Armstrong 46).
Sun 26th July
Sheffield United 2 Newcastle Utd 2 (Wijnaldum, de Jong)
Krul, Janmaat, Williamson, Taylor (Lascelles 69), Haïdara, Anita (Obertan 59), Colback, Sissoko (Abeid 80), Wijnaldum (De Jong 73), Perez (Aarons 45), Cissé (Armstrong 80)
Wed 29th July
York City 2 Newcastle Utd 1 (Perez)
Darlow (Elliot); Bigirimana, Lascelles, Satka, Ferguson; Abeid, Gouffran; Aarons (Kemen 59), De Jong, Perez; Mitrovic (Suddick 70)
Sat 1st August
Newcastle Utd 0 Borussia Mönchengladbach 1
Krul, Janmaat (Mbemba 62), Williamson, Taylor, Haïdara, Anita (De Jong 75), Colback, Sissoko (Perez 81), Obertan (Aarons 62), Wijnaldum, Cissé (Mitrovic 62).
Sunday August 9
NEWCASTLE UTD 2 SOUTHAMPTON 2 (Cisse, Wijnaldum)
Krul, Janmaat, Mbemba, Coloccini, Haidara; Colback, Anita (Tiote, 67); Sissoko, Wijnaldum (De Jong, 81), Obertan; Cisse (Mitrovic, 75). Subs not used: Darlow, Taylor, Aarons, Perez.
Saturday August 15
SWANSEA CITY 2 NEWCASTLE UTD 0
Krul, Janmaat, Mbemba, Coloccini, Haidara, Anita, Colback, Sissoko (45' Taylor), Wijnaldum, Obertan (82' Mitrovic), Cisse (54' Aarons). Subs: Williamson, Perez, Tiote, Darlow
Saturday August 22
MANCHESTER UTD 0 NEWCASTLE UTD 0
Krul, Mbemba, Taylor, Coloccini, Haidara, Anita, Colback, Perez (78' Tiote), Wijnaldum, Obertan (69' Thauvin), Mitrovic (88' Cisse).
Subs: Williamson, de Jong, Aarons, Darlow
Tuesday August 26
NEWCASTLE UTD 4 NORTHAMPTON TOWN 1 (Thauvin, Janmaat, de Jong, Williamson
Darlow, Janmaat, Lascelles, Williamson, Haidara (78' Toney), Tiote, Gouffran, Aarons, de Jong, Thauvin (65' Mitrovic), Perez (72' Colback).
Subs: Dummett, Wijnaldum, Mbemba, Elliot.
Saturday August 29
NEWCASTLE UTD 0 ARSENAL 1
Krul, Janmaat, Mbemba, Coloccini, Haidara, Anita (72' Perez), Sissoko (78' Cisse), Wijnaldum, Thauvin (87' de Jong), Mitrovic
Subs: Obertan, Tiote, Darlow, Taylor
Monday September 14
WEST HAM UTD 2 NEWCASTLE UTD 0
Krul, Janmaat, Mbemba, Coloccini, Haidara, Anita (60' de Jong), Colback, Sissoko, Wijnaldum (79' Aarons), Thauvin (60' Perez), Cisse Subs: Gouffran, Obertan, Lascelles, Darlow
Saturday September 19
NEWCASTLE UTD 1 WATFORD 2
Krul, Janmaat, Mbemba, Coloccini, Haidara (80' Aarons), Wijnaldum, Colback, Thauvin (88' Obertan), Sissoko, Perez, Cisse (45' de Jong)
Subs: Williamson, Anita, Lascelles, Elliot
Wednesday September 23
NEWCASTLE UTD 0 SHEFF WED 1 (League Cup)
Krul, Janmaat (45' Mbabu), Lascelles, Williamson, Mbemba, Anita, Wijnaldum, Thauvin (45' Perez), Sissoko, Obertan (71' Toney), de Jong
Subs: Coloccini, Gouffran, Elliot, Barlaser
Saturday September 26
NEWCASTLE UTD 2 CHELSEA 2 (Perez, Wijnaldum)
Krul, Janmaat, Mbemba, Coloccini, Mbabu, Sissoko (90+2' de Jong), Colback (54' Obertan), Anita, Wijnaldum, Perez, Mitrovic (85' Toney)
Subs: Williamson, Lascelles, Thauvin, Elliot
Saturday October 3
MANCHESTER CITY 6 NEWCASTLE UTD 1 (Mitrovic)
Krul, Janmaat, Mbemba, Coloccini, Mbabu (53' Lascelles), Sissoko (66' Tiote), Anita, Gouffran (66' Thauvin), Wijnaldum, Mitrovic, Perez
Subs: Williamson, Cisse, de Jong, Elliot
Sunday October 18
NEWCASTLE UTD 6 NORWICH 2 (Wijnaldum 4, Perez, Mitrovic)
Elliot, Janmaat, Mbemba, Coloccini, Dummett (65' Haidara), Sissoko, Tiote (45' Anita), Colback, Wijnaldum, Perez, Mitrovic (88' Cisse)
Subs: de Jong, Lascelles, Thauvin, Woodman
Sunday October 25
SUNDERLAND 3 NEWCASTLE UTD 0
Elliot, Janmaat, Mbemba, Coloccini, Dummett (78' Thauvin), Sissoko, Tiote (45' Lascelles), Colback (49' Anita), Wijnaldum, Perez, Mitrovic
Subs: Cisse, de Jong, Haidara, Woodman
Saturday October 31
NEWCASTLE UTD 0 STOKE CITY 0
Elliot, Janmaat (83' Lascelles), Mbemba, Coloccini, Dummett, Sissoko, Anita, Tiote (71' de Jong), Wijnaldum, Mitrovic, Perez
Subs: Cisse, Gouffran, Haidara, Thauvin, Woodman
Saturday November 7
BOURNEMOUTH 0 NEWCASTLE UTD (Perez)
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Sissoko, Tiote, Anita (90+3' Mbabu), Wijnaldum, Mitrovic (63' Cisse), Perez (77' Thauvin)
Subs: de Jong, Gouffran, Lascelles, Woodman
Saturday November 21
NEWCASTLE UTD 0 LEICESTER CITY 3
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Sissoko, Anita, Tiote (20' Thauvin), Wijnaldum, Mitrovic (62' Cisse), Perez (81' de Jong)
Subs: Gouffran, Lascelles, Woodman, Sterry
Saturday November 28
CRYSTAL PALACE 5 NEWCASTLE UTD 1 (Cisse)
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Colback (70' de Jong), Anita, Sissoko, Perez (45' Lascelles), Wijnaldum (70' Gouffran), Cisse
Subs: Thauvin, Darlow, Sterry, Mitrovic
Sunday December 6
NEWCASTLE UTD 2 LIVERPOOL 0 (Skrtel og, Wijnaldum)
Elliot, Janmaat, Coloccini, Mbemba, Dummett, Sissoko, Colback (77' Gouffran), Anita, Wijnaldum, de Jong (68' Perez), Cisse (82' Thauvin)
Subs: Darlow, Sterry, Mbabu, Mitrovic
Sunday December 14
TOTTENHAM HOT 1 NEWCASTLE UTD 2 (Mitrovic, Perez)
Elliot, Janmaat, Coloccini, Mbemba, Dummett, Sissoko, Colback, Anita (91' Goufran), Wijnaldum, de Jong (63' Perez), Cisse (72' Mitrovic)
Subs: Darlow, Sterry, Mbabu, Thauvin
Saturday December 19
NEWCASTLE UTD 1 ASTON VILLA 1 (Coloccini)
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Sissoko, Anita (71' Thauvin), Colback, Wijnaldum, de Jong (59' Perez), Cisse (33' Mitrovic)
Subs: Gouffran, Tiote, Darlow, Mbabu
Saturday December 26
NEWCASTLE UTD 0 EVERTON 1
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Sissoko, Anita, Colback, Wijnaldum, Perez (87' Thauvin), Mitrovic
Subs: de Jong, Gouffran, Tiote, Darlow, Mbabu, Toney
Monday December 28
WEST BROM 1 NEWCASTLE UTD 0
Darlow, Janmaat, Mbemba, Coloccini, Dummett, Colback (86' Thauvin), Anita (27' Tiote), Sissoko, Perez (72' de Jong), Wijnaldum, Mitrovic
Subs: Gouffran, Lascelles, Mbabu, Elliot
Saturday January 2 2016
ARSENAL 1 NEWCASTLE UTD 0
Elliot, Janmaat, Mbemba, Coloccini, Dummett, Sissoko, Tiote (87' de Jong), Colback (79' Thauvin), Wijnaldum, Perez, Mitrovic
Subs: Gouffran, Lascelles, Darlow, Toney, Mbabu
Saturday January 9 2016
FA Cup - WATFORD 1 NEWCASTLE UTD 0
Elliot, Mbemba, Coloccini (45' Lascelles), Dummett, Janmaat, Sissoko, Tiote (82' de Jong), Wijnaldum, Mbabu (52' Thauvin), Perez, Mitrovic
Subs: Gouffran, Darlow, Toney, Sterry
Tuesday January 12
19:45 Newcastle United v Man Utd
Saturday January 16
15:00 Newcastle United v West Ham United
Saturday January 23
15:00 Watford v Newcastle United
Wednesday February 3
19:45 Everton v Newcastle United
Saturday February 6
15:00 Newcastle United v West Brom
Saturday February 13
17:30 Chelsea v Newcastle United
Sunday February 28
12:00 Newcastle United v Manchester City