The Swedish international recently rejected the offer of a new deal from the Eredivisie giants, paving the way for a cut-price January exit.
Newcastle have been watching the attacker for some time, and were heavily linked with a move for his signature over the summer.
Despite failing to make a move during the last window, the Magpies remain keen and are ready to test PSV’s willingness to keep their star man with a £2.5m offer.
With Toivonen set to be out of contract at the end of the season, the Dutch side are likely to be open to cashing in in order to avoid the possibility of losing him for free.
The Scandinavian ace is equally adept as a striker or in an attacking midfield role, which appeals to Alan Pardew who is keen to bolster his side’s options in the final third.
Premier League rivals Norwich and Fulham are also keen, while interest from Serie A side Fiorentina is thought to be strong.
The 27-year-old has 35 senior international caps to his name.
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