Per the report, West Ham United also wanted Tarkowski but have since dropped their interest as they expect him to move to St James’ Park.
Tarkowski has been one of the few positives in an otherwise turbulent season for Burnley, who currently sit 17th in the Premier League table, outside the relegation zone only on goal difference.
The 29-year-old is in the final year of his contract at Turf Moor and is yet to commit his long-term future to the Clarets.
Despite Newcastle being Europe’s biggest spenders in January when they spent £94 million, head coach Eddie Howe (via the Daily Mail) reiterated that Financial Fair Play does affect what the club can do in the summer.
“With Financial Fair Play, we have restraints and we have things that we have to work within,” he said.
“We can’t just go out and spend money on players like maybe teams could have done in the past, and totally change their squad within one transfer window. That is not an option for us.
“The more money you spend in one window, the more it impacts your ability to then spend in windows beyond.
“The rules are there to govern the game properly and we have to follow suit, so that does impact what we can do this summer.”
One of the five players signed by Newcastle in the winter window was Dan Burn, but Howe remains keen on bolstering his defensive options as the Magpies look set to miss out on Sven Botman.
Getting a player of Tarkowski’s ilk on a free transfer would improve the quality of the squad and free up funds to be spent in other areas of the pitch.