Brazilian striker Ewerthon has shunned an initial offer from Newcastle, skysports.com understands.
The 29-year-old is wanted by a number of clubs and the free agent is believed to be keen to test himself in England.
Skysports.com revealed Newcastle had joined the race to sign him last week, with the likes of West Brom also keen.
However, initial talks have broken down as Newcastle's offer looks to be short of what is wanted by the player.
Newcastle are desperately short of striking options. They sold Andy Carroll on transfer deadline day and were unable to bring in a replacement before the window shut, and then just days later Shola Ameobi fractured his cheekbone.
The Magpies are looking at numerous targets, but at the moment Ewerthon looks unlikely to make the move to the North East unless an improved bid is made.
His British representative Barry McIntosh told skysports.com: "There has been an offer from Newcastle.
"However, the player is still considering his options - that is all we can say at the moment."
Ewerthon has extensive experience in Europe having plied his trade for the likes of Borussia Dortmund, Stuttgart, Espanyol and Real Zaragoza.
He is eligible to join any club outside the window because his contract with previous club Palmeiras was cancelled in January.