Although McAllister was told by the club's directors that he would have little money to spend improving the side, the former Liverpool man is hoping to land the Scottish international for around £500,000.
The Magpies value the 20-year-old nearer £2 million, but are believed to be willing to accept less as the youngster's contract expires in the summer.
Caldwell made his international debut playing for Scotland in their 5-0 away defeat at the hands of world champions France, after some impressive performances whilst on-loan at Hibernian.
Everton and Celtic are also rumoured to be tracking the starlet, however McAllister is keen to sign the star to replace Gary Breen who is set to quit the club after rejecting their latest contract offer.
