Newcastle are interested in Borussia Dortmund midfielder Felix Nmecha, Sky Sport News can exclusively reveal, as Arsenal see an informal proposal for Magpies captain Bruno Guimaraes rejected.
Eddie Howe is a fan of Nmecha, the younger brother of Leeds' Lukas, and considered signing him in 2023, but instead opted for Sandro Tonali from AC Milan.
That summer, Nmecha signed for Dortmund from Wolfsburg and scored his first goal for the club against Newcastle at St James' Park in the Champions League.
The German international, who has impressed during his country's World Cup campaign so far, has an €85m (£75.5m) buy-out in a Dortmund contract that runs until 2030.
Newcastle would be looking to pay less than that, given their recruitment model, so unless there's a lowering of Dortmund's asking price, it would currently be difficult to do a deal for the 25-year-old.
However, things may change if £100m-rated Tonali were to leave Newcastle. Tottenham have had an £80m bid turned down, and Man City remain interested.
Meanwhile, Arsenal have explored the conditions of a deal for Guimaraes. However, Newcastle's position is unchanged as the club do not want to sell the 28-year-old and will not welcome bids.
Guimaraes is under contract until 2028, but is one of a number of midfielders Arsenal are looking at in that position. There is an expectation at the Emirates that there will be arrivals and departures in the midfield this summer.
Guimaraes, who joined Howe's side in 2022 from Lyon for an initial £35m, has made 195 appearances for Newcastle, scoring 31 goals.
Carra: I can understand if Bruno is frustrated at Newcastle business
Sky Sports' Jamie Carragher:
"Newcastle now under Eddie Howe, he built a brilliant team, won a trophy, got Champions League football twice.
"Not a great season for them last season, but it just almost feels like that team is sort of breaking up now.
"Anthony Gordon has gone, Tonali is looking like he may move on. I think there's been a bid for Arsenal as well today for Bruno Guimaraes.
"It almost feels like Newcastle are going to have to build another team and try and replicate what they've done over the last three or four years.
"Bruno Guimaraes is a wonderful player. He's loved up there, maybe he's getting a little bit frustrated at seeing all his mates getting linked with moves or looking like they're going, and maybe he's put a story out - or he and his people have, I don't know - or maybe it is a genuine bid from Arsenal.
"I can understand that. As I said, I think he can play for the top teams - he's playing central midfield now for Brazil in the World Cup, so that shows the quality the lad has.
"But I think if Anthony Gordon goes and Tonali, I think if you lose any more, it's probably too much then, really.
"I think Guimaraes and Tonali both leave a huge hole for Newcastle to fill. So, I think they probably lose one of them, and it would probably come down to who is getting offered the most money for."