While they are currently working on numerous deals for different targets, they are facing a tough time in trying to deal with clubs, especially since most off them want huge fees or else are unwilling to sell.
A report from The Athletic's Chris Waugh has confirmed that following the disastrous FA Cup exit at the hands of Cambridge United on Saturday, the board is committed more than ever to strengthening the squad as soon as possible in order to avoid relegation and be able to rebuild even more in the Premier League next season.
Burnley striker Chris Wood has emerged as a possible target, but the Magpies are also monitoring other targets up front, with them wanting to add two forwards in this window.
However, Burnley do not want to sell any of their players this window, especially not Wood or centre-back James Tarkowski, and in particular not to a relegation rival.
Burnley are hoping to preserve their Premier League status, and they are much more comfortable potentially losing Tarkowski for free in the summer than to sell him right now and lose a key cog in their side.
Wood is a proven Premier League goalscorer, and with Callum Wilson, who is Newcastle's top scorer this season, sidelined for around eight weeks due to a calf problem, the Magpies have to find a way replace him, at least for the short-term.
Apart from Wood, reports have also claimed that Newcastle have identified Dominic Solanke, Patrik Schick, Divock Origi and Sardar Azmoun as possible targets to replace Wilson, but none are in advanced talks with Newcastle.
Origi has just six months left on his current contract at Liverpool, and while he is wanted by Italian clubs, he prefers a move to Italy, but it remains to be seen whether Liverpool will sell him now or let him go in the summer.
Botman right now is Newcastle's top target, with Eddie Howe wanting to pair him up with Carlos, but as expected, the two European clubs are demanding more given they know Newcastle have plenty of funds to spend.
Apart from the two, Newcastle have also identified AS Monaco's Benoit Badiashile as an alternative to Botman, with talks for the 21-year-old French centre-back intensifying over the weekend.
While they have already sealed the signing of Kieran Trippier, it remains to be seen who will be the next signing from the new Newcastle owners.