The Magpies failed with moves for a number of strikers over the summer, leaving Alan Pardew with little backup for his preferred attacking partnership of Papiss Cisse and Loic Remy.
This has prompted the club to up their efforts in the transfer market ahead of the turn of the year, and Finnbogason is said to be top of their list of targets.
Scouts from the club have been issued with instructions to scout the 24-year-old, who has been impressive in the Eredivisie.
The Toon were linked with a £5m move for his signature before deadline day, but a pursuit of other targets closed the door on a possible move.
But, Pardew is keen to return for the 16-time Icelandic international, whom he believes could become a vital part of his first-team squad.
Meanwhile, Newcastle are also tracking Blackpool winger Tom Ince.
The England U-21 star was linked with moves to a number of Premier League clubs over the summer, but elected to stay in the Championship for regular first-team action.
Pardew is a big fan of the ex-Liverpool youngster, and may make his move in January.
Newcastle fans, can your club right the wrongs of the summer transfer window in January?
Tell us what you think below!
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