Sky Sports sources understand that Newcastle have matched Fulham's offer for FC Twente forward Bryan Ruiz.
The Cottagers saw a bid accepted on Tuesday night, with the offer believed to be in the region of £10.6million.
Twente were then reported in the Dutch press to have resigned themselves to the fact that the Costa Rican was on his way to Craven Cottage.
There has, however, been a late twist on deadline day, with Newcastle entering the chase.
It is understood that the Magpies have turned their attention to Ruiz after missing out on a number of other attacking targets.
They have put an offer on the table and are believed to have a helicopter on standby ready to rush Ruiz to Tyneside should he wish to discuss terms.
Meanwhile, Newcastle have allowed trialist Petr Bolek to return to FK Senica following a short trial.
With the Magpies having landed Rob Elliot from Charlton, they are no longer in the market for a goalkeeper.
Senica sporting director Dusan Vrto told his club's official website: "Alan Pardew was interested in a high-quality goalkeepr and his first option was Rob Elliot.
"He knew him well from his time at Charlton, but the club demanded a big transfer fee at first so Pardew switched his attention to Petr.
"Later on Charlton changed their opinion and lowered their asking price. That is why Newcastle eventually decided to go for a goalkeeper they already know."