Newcastle will have to meet Loic Remy's £8m buy-out clause if they want to sign the QPR striker.
The Magpies have so far made few in roads in their attempts to sign a new forward - having seen a £7m bid for Bafetimbi Gomis rejected and negotiations with Darren Bent drag on.
Remy, who scored six goals in 14 Premier League appearances after moving to Loftus Road from Marseille in January, has emerged as director of football Joe Kinnear's prime target. There has been talk that Newcastle would like to bring the 26-year-old in on a season-long loan.
However, QPR manager Harry Redknapp says that makes little sense for his club as they look to make an immediate return to the Premier League.
"I don’t think he will go on loan," he said. "I can’t see any sense in it. I don’t know why we’d pay £8m and then loan him out. If he was to go, someone will have to pay for him. He has a buy-out clause and we want our money back.”
Remy has been bailed until September over an allegation of rape, which could influence any move. Remy denies the allegation.