The Danish international is set to become a free agent in the coming weeks, with the Gunners having turned down the chance to offer him a fresh contract.
Bendtner netted two goals in eight appearances for the Londoners last term, and despite some reports that Arsene Wenger was plotting to keep him around, he will be club-less soon.
This has alerted Newcastle, who are ready to give him a Premier League lifeline, but only if he takes a pay-cut.
The much-maligned forward has been pocketing £52,000-per-week in recent years, yet the Magpies are keen to reduce that figure to £40,000-per-week to get him to St James’ Park.
Bendtner is reportedly not short of options, but it appears unlikely that any clubs in England or Germany – his two most likely destinations – will be open to meeting his current earnings.
Newcastle see the 26-year-old as a good option following the release of Shola Ameobi and the expiration of loan deals for Loic Remy and Luuk de Jong.