According to Italian sources picked up by Calcio e Finanza, Newcastle United have placed Tonali on the market, valuing him at a minimum of €100 million — significantly above the €70 million they paid AC Milan for him in the summer of 2023. The Italian has €8 million per season in base salary, with bonuses pushing the total close to €9 million.
The push to raise funds stems from Newcastle's precarious position under Premier League squad cost ratio rules, which limit clubs to spending 70 per cent of their revenue.
Missing out on Champions League football — Alexander Isak's £125 million sale and the loss of that UEFA prize money have both reshaped the club's finances — means the revenue base has shrunk considerably. In the 2025 accounts, the club recorded a rare profit of €35.6 million, but only after selling part of their stadium.
United's interest is long-standing and has intensified since Casemiro confirmed his departure at the end of the season. Tonali has been watched closely at senior management level, including during Newcastle's 2-1 win over United in March, and is understood to match exactly what Michael Carrick is looking for in the deeper midfield role Casemiro vacates. Manuel Ugarte is also expected to leave Old Trafford, meaning United may recruit two central midfielders this summer.
Tonali's own position adds a further complication. With Italy failing to qualify for the World Cup, he has no summer tournament commitments — but a move to Champions League football is understood to be a condition. United can now offer that, having secured third place under Carrick. His contract at St James' Park runs to 2029.
Atalanta's Ederson remains on United's shortlist as a complementary target alongside Tonali. Juventus are also interested in the Italian, with a return to Serie A his personal preference according to those close to him.