The 23-year-old has had an outstanding season for the Ligue 1 club, scoring 18 goals and providing three assists in his 34 games across all competitions.
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Newcastle are understood to be interested in Kalimuendo as they seek to add to their attacking line-up following qualification for next season’s Champions League.
Eddie Howe’s side won’t have a free run at him, however, with Bayer Leverkusen also keeping tabs on his situation.
Speaking in an interview with L'Equipe, Rennes president Pouille said: “He is one of the players who had a lot of contacts in January. We have authorised him to speak with other clubs.”