Last Updated: Fri, 09 May 2008 09:05
Newcastle are reported to have opened the bidding for Sporting Lisbon midfielder Miguel Veloso who Man Utd and Spurs are also tracking.
The Portugal international is said to have been the subject of a £15m offer from the Magpies although his club is holding out for over £20m.
Speculation in Portugal suggests Newcastle are ready to hand the 21-year-old holding midfielder or centre-half a five-year deal, although Sporting have also offered him fresh terms to stay on.
Toon chairman Chris Mort has previously pledged to back boss Kevin Keegan in the transfer market this summer.
He said: "In addition to making any immediate fixes that may be required, as with everything else we have done since Mike [Ashley] acquired the club, we will want to acquire players that can help make Newcastle United a top team for the medium and long-term, not just for the next season or two."
Chelsea have also been mentioned as possible suitors for Veloso as they look for Claude Makelele's long-term replacement.