Lingard, whose contract is set to expire at the end of the season, is one of several players at Old Trafford eager to find regular first-team football elsewhere.
Newcastle are keen to make Lingard the third signing since the Saudi Arabia-led takeover, following the arrivals of Kieran Trippier and Chris Wood.
Ralf Rangnick, United's interim manager, has admitted that his squad is too big to give regular opportunities to all of his players but is wary of the need for depth during a Covid-affected season.
A loan to Newcastle would effectively bring Lingard's 21-year association with United to an end, with chances of a contract renewal seeming remote.
The 29-year-old has only made two starts for United this season, despite impressing on a loan spell at West Ham last term and returning with renewed hope of playing regularly under Rangnick's predecessor Ole Gunnar Solskjaer.
Lingard has not travelled with the rest of the United squad for this evening's Premier League trip to Brentford after picking up an ankle injury.
When asked to explain Lingard's lack of appearances this season, Rangnick said: “To me it’s important that we always win the next game we play, and it’s also a question of formation. Which is the best possible position for players?
"We have now decided to play in a 4-3-3 like we played against Aston Villa, with one holding six and two eights, with three offensive players, and there are two positions that he can play. But we also have some competition on those positions.
"Obviously, he needs to play and train on that kind of level [so] that he’s an option to start.”
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