Bayern Munich, Bayer Leverkusen, Everton and Crystal Palace are all monitoring the 22-year-old, who has emerged as one of the club's most effective strikers in the closing weeks of the season.
The Daily Mail reported Bayern's interest this week, positioning Osula as a potential backup to England striker Harry Kane following the departure of Nicolas Jackson, who is returning to Chelsea at the end of his loan. Bayer Leverkusen, Everton and Crystal Palace have also gathered information on the player.
Osula joined Newcastle from Sheffield United for around £11.6million in August 2024 and has spent much of the season as a substitute behind summer arrivals Nick Woltemade and Yoane Wissa. He has played just 589 Premier League minutes across 21 appearances but has scored five league goals — three of which have come in his last four outings — including a 90th-minute winner against Manchester United in March that earned him the Premier League Goal of the Month award.
Newcastle head coach Eddie Howe has acknowledged he would like to keep the player but the club faces pressure to generate transfer income this summer to comply with Premier League Profitability and Sustainability Rules. A deal at £40million would represent a substantial return on a player signed for a fraction of that fee less than two years ago.
Osula had agreed personal terms with Eintracht Frankfurt last summer before Newcastle blocked the move. A fresh approach from Frankfurt in January also broke down over transfer terms. Aston Villa and VfB Stuttgart have also been interested at various points this season.
The Dane is contracted until June 2029, giving Newcastle leverage, but his desire for regular first-team football is understood to be the primary driver of any potential exit.
Bayern's interest sits alongside their pursuit of Newcastle winger Anthony Gordon, 23. Whether they pursue both targets from the same club simultaneously — and whether Newcastle are willing to sell more than one key player to a direct rival for the Champions League — will be a central subplot of the summer window.