The Premier League club are still awaiting approval for a Saudi takeover, but are making transfer plans.
Immobile is the man they want to lead the line and Newcastle have a tempting offer for Lazio.
They are offering a €55m fee for the 30-year-old plus a five-year contract worth €8m-per-season.
However, Newcastle will have to overcome Immobile’s love for Lazio, with the Italy striker settled in Rome.
The Biancocelesti are working on a new contract for their star man, with an increase in salary to €4m-per-season.
It remains to be seen if Lazio owner Claudio Lotito will be tempted to sell, with €55m a huge sum for a 30-year-old.
Immobile is the Serie A top scorer this season and since returning to Italy with Lazio, has scored 116 goals in 167 appearances.