Toivonen is struggling to agree a new contract in Eindhoven and so the door may be open for Newcastle to take the Swedish international for a bargain price come January.
Fulham, Norwich and Fiorentina are all in the race to snap up 27 year old who has been with PSV for four years.
Toivonen shares the same agent as Newcastle midfielder Vernon Anita and fellow Swede Zlatan Ibrahimovic and so the Toon are hoping to seal a deal should PSV fail to tie their key man down to a new deal.
Pardew has admitted that he wants to bring in another offensive player in January but funds are not free flowing, much like the summer, so a loan deal or cheap signing may be the way forward.
Toivonen is yet to comment on his future but as time runs down until January, Newcastle will grow ever more confident of getting their man.