It is understood that Tottenham are ready to make a late move, but it seems that will be too late to stop Newcastle from finalising a deal.
Former Toon midfielder Joey Barton (currently on loan at Marseille) played down the deal on Friday, saying on Twitter: "We need him. We are chasing for the title and he is important to us."
Arsenal, Queens Park Rangers, Schalke and Napoli have all been looking at Remy in recent weeks - but it seems he is destined for St James' Park.
Newcastle have already landed Mathieu Debuchy from Ligue 1 this month, after signing him from Lille.
But, following Demba Ba's departure to Chelsea, and with captain Fabricio Coloccini looking to leave, Newcastle are desperate to reinforce their squad, which is also depleted with injuries.
The news that they are closing on French international striker Remy will be a huge boost to Newcastle and they are understood to be keen on wrapping up a deal before next weekend.