Anthony Gordon and Sandro Tonali are at the centre of the speculation. Gordon, 25, has not told the club he wants to leave, but there is an expectation internally that he will look to explore his options. Arsenal and Bayern Munich are both monitoring the winger, who is under contract until 2030. Tonali's agent has confirmed that top clubs are showing interest in the Italian midfielder, who is contracted until 2029.
Newcastle are unlikely to sanction the departure of both. The club's position is that it can afford to lose one of the pair but not both, and the same logic applies to strikers Yoane Wissa and Nick Woltemade, with only one expected to depart. Bruno Guimarães, the captain, is not expected to push for a move, according to ESPN, providing some stability amid the uncertainty.
Kieran Trippier has confirmed he will leave when his contract expires at the end of the season, while right-back Tino Livramento has attracted interest from Manchester City and Arsenal. Midfielder Joe Willock is another who could be moved on as part of a squad reshuffle aimed at balancing the books.
Financial pressure is a significant driver. Newcastle spent heavily last summer and, without sustained Champions League revenue — they sit 14th in the Premier League — must generate funds through player sales to comply with spending rules. Selling Gordon, who joined for £45 million and is now valued considerably higher, would provide meaningful financial flexibility.
Eddie Howe has made his expectations clear. "One thing I'm not going to do is play any player if I don't feel they're 100 per cent committed to the club and its future," he said.