Newcastle are set to splash the cash once more after reportedly making an opening bid just shy of £16m for Boca Juniors midfielder Alan Varela.
The 19-year-old wonderkid, who has been linked with a host of European clubs including Barcelona, is understood to be a target for Eddie Howe and would ideally arrive in June.
Varela, whose release clause is €20m (£17.7m), has been lined up by Barcelona boss Xavi as a potential long-term replacement to Sergio Busquets, Sport reports.
The midfielder grew up playing in the Barcelona soccer school in Buenos Aires where the Spanish giants have priority to sign players.
However, with Newcastle launching a bid, as per D Sports Radio, Howe could beat Xavi's side to Varela's signature and further strengthen his squad.
Varela plays a pivotal role in the Boca Juniors side and started 21 out of 26 games last season.
He has made a total of 76 appearances for the Argentine club, while he has featured for his country twice at an Under-20 level.
Howe is eager to add reinforcements to his squad next month as they look to sustain their bid to secure Champions League football.
The Magpies boss has been open with the fact that he is seeking a 'transformational' signing, much like the pick-up of Brazilian midfielder Bruno Guimaraes.
He said recently: 'We would love another transfer like (Bruno Guimaraes) because I thought it was transformational for the team and for the group.
'They are difficult players to find but that's our job to try and find them and we will endeavour to do that.
'I am not pretending to watch players, I am watching them, with a view to signing them. I am not acting that out when I am alone at home!'
The Magpies have also been linked with 18-year-old Brazilian attacking midfielder Matheus Franca.
Howe has admitted that the club are mindful of 'handcuffing' themselves ahead of the summer transfer window by overspending in January.