Eddie Howe's side have been tipped to battle Paris Saint-Germain for the winger's signature in the summer.
Rafael Leao feels he has reached 'the end of a cycle' at AC Milan Credit: Splash News
The Magpies were previously linked with a late January move for Leao.
However, their hopes of signing the 24-year-old later this year have now received a boost.
Foot Mercato report that Leao feels he has reached "the end of a cycle" with AC Milan.
Despite PSG's interest, the player prefers a move to the Premier League or La Liga, the report adds.
Leao has a £150million release clause in his contract, which he only extended in June, valid between July 5 and 15.
PSG are understood to not be a priority for Leao, despite the French giants keen to sign him as a replacement for Kylian Mbappe, according to reports in France.
Newcastle would instead offer the player the chance to play in the Premier League, where he is in favour of heading to next.
Leao joined Milan in 2019 and penned a new five-year deal last summer.
The Portugal international has scored six goals and provided eight assists in 27 appearances this season.
His performances in Italy across recent seasons have caught the eye of clubs across Europe.
Chelsea are amongst the Premier League sides to have been linked with signing Leao in the past.
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