Newcastle are said to be planning a double swoop for James Trafford and Matheus Cunha.
Trafford, Burnley's top goalkeeper, has delivered several impressive performances in the Championship this season.
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Cunha, who has been a standout player for Wolves, is attracting interest from several Premier League clubs.
According to The I, Newcastle are keen on bringing both players to St James' Park this winter or next summer.
The Magpies do have to think about PSR when they make signings, which may limit their spending power.