The transfer would beat the €25m fees SC Freiburg received for Kevin Schade's move to Brentford and Merlin Rohl's switch to Everton, underlining the scale of Newcastle United's ambition for the 20-year-old.
Personal terms have not yet been finalised, with Newcastle still working to agree a long-term contract with the player himself. Manzambi's focus for now remains on Switzerland's World Cup quarter-final against Argentina on Sunday, and he may wait until after the tournament to decide on his next move, with Aston Villa also known to have registered interest.
Should the deal go through, Manzambi would become Newcastle's fourth signing of the summer, following Ewen Jaouen, Bazoumana Toure and Sean Steur. The midfielder has enjoyed a breakout year, scoring seven goals and providing nine assists in 47 appearances for Freiburg last season before carrying that form into the World Cup, where his three goals and two assists have made him one of the tournament's standout performers.
Elsewhere, Newcastle right-back Harrison Ashby has joined Luton Town on a season-long loan, reuniting him with Hatters boss Jack Wilshere, a former team-mate from their days together in West Ham's academy between 2018 and 2020.
"Being with him at West Ham, it was a bit of a little reunion for us, and after five minutes I said to my agent, 'yes, I want to be here'," Ashby told the Luton Town website. "The main thing is he knows what kind of character I am already, and he knows what kind of player I am as well.
"So I think straightaway the philosophy matches my playing style, which is perfect for me, and I think I can slot into the team and help them straight away."
The 24-year-old former Scotland Under-21 international has previous experience at League One level, having helped Bradford City reach the play-offs during the second half of last season.
Ashby joined Newcastle from West Ham in a deal worth up to £3m in 2023 but is yet to make a first-team appearance for the Magpies, with the loan move to Kenilworth Road offering him a fresh chance to build momentum in his career under a manager who already knows him well.