The Toon are in the market for a new winger addition this summer and has several targets under consideration.
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The Athletic says Newcastle have had a £45m bid for Sweden international Elanga rejected by Forest.
Forest have informed Newcastle they have no intention to part with Elanga this summer.
As such, Newcastle are now set to look elsewhere with Mohammed Kudus (West Ham), Antoine Semenyo (Bournemouth) and Johan Bakayoko (PSV) all under consideration.