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The Toons boss is also keeping tabs on Hull City’s Jarrod Bowen, but has so far received no encouragement on either front.
Rangers are looking to end Celtic’s domestic dominance and the Colombian star has been valuable to their impressive league form this term, scoring 12 goals in 18 appearances.
Morelos also has 16 other goals across other competitions, taking his tally to 76 goals in 126 games for Rangers since his arrival from HJK ahead of the 2017-18 campaign.
His impressive return means he won’t be short of suitors this month, but Newcastle and other interested teams will have to wait till summer to have any chances of landing the 23-year-old.
The Magpies could do with his services as soon as possible, though, with £40 million summer signing Joelinton struggling.
The Brazilian has just a goal to his name since arriving from Hoffenheim, and other Newcastle striking options are yet to score.
With only 20 goals in 21 league games, the Saint James’ Park side badly need a quality finisher, and they will give anything to land one in the mould of Morelos.
But they have to look at other options with the Rangers star currently out of reach, and it will be interesting to see who they bring in before the end of the month.