The Magpies chief is keen to bolster his attacking options in January after enduring a woeful summer of transfer activity.
The clubs only signing last time around was Loic Remy – on loan from relegated QPR – who has been impressive since his arrival.
With Papiss Cisse struggling to replicate the form of his debut season in England, Pardew is ready to swoop for a player to further enhance his side’s options in the final third.
Toivonen has caught his eye after developing into one of Dutch football’s top names over the course of the last few seasons.
The versatile Swede – who is able to operate as a centre-forward or from either flank – is out of contract at the end of the season, and is stalling on penning a new deal with PSV.
His personal demands are believed to be beyond the club’s reach, opening the door for a cut-price raid in the New Year.
It is thought that an offer in the region of £2.5m will be enough to convince PSV to sell, which has tempted the ‘Toon’.
Norwich and Fulham are also said to be keen.
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