The gap between the parties is significant. Bayern Munich's position is understood to be around €60 million, while Newcastle United have publicly insisted on a fee closer to €80 million.
The Daily Mail reported on Sunday that the two clubs are closing in on an agreement at around €80 million, though that has not been confirmed by either side.
Bayern sporting director Max Eberl made the club's interest in Gordon public before the DFB-Pokal final, confirming a conversation had taken place.
"We had a very good conversation and hope that we can make progress," Eberl said.
Nübel, 29, is currently on loan at VfB Stuttgart where his contract with Bayern runs until 2029. He has no future at the Allianz Arena, with Bayern planning to go into next season with Manuel Neuer, Jonas Urbig and Sven Ulreich as their goalkeeping options. Selling Nübel would free up wages and generate a transfer fee that could be reinvested toward Gordon.
From Newcastle's perspective, a goalkeeper of Nübel's calibre addresses a genuine need. The Germany international is one of the better shot-stoppers in the Bundesliga and fits the profile of the ball-playing goalkeeper Eddie Howe has sought to implement in his system. Nübel himself is understood to prefer other destinations over Newcastle — clubs in England and Italy have been mentioned — which complicates the prospect of using him as a makeweight.
Gordon has agreed personal terms with Bayern, according to talkSPORT and Sky Germany. He scored 11 goals and provided nine assists in 34 Premier League appearances this season, making him one of the division's most effective wide players over the full campaign.
Newcastle have already identified Lille's Matías Fernández-Pardo as a potential replacement.