The flying winger rose to prominence over the summer at the World Cup, impressing with two goals as Holland reached the last four of the competition.
Manchester United – now managed by then Oranje boss Louis van Gaal – have since been linked with the 20-year-old, but talk of a switch has gone cold in recent months after the youngster penned a new deal with PSV.
But this has not deterred Everton and Newcastle, who are ready to make offers in the New Year if the price is right.
The duo are looking to inject more pace and creativity into their attacking lines and see Depay as a genuine option to do so.
Philips Stadion chiefs are determined to keep the youngster, yet attractive offers will be considered.
United may elect to re-enter the race, however their interest hinges on the outcome of a potential swap deal including Ander Herrera and Xherdan Shaqiri.