The Bundesliga club are reportedly prepared to let the 22-year-old leave at the start of 2027, with a fee of around €40 million (£33.3 million) expected to be required, including potential add-ons.
Newcastle United were interested in El Khannouss during the previous transfer window but decided against pursuing a deal. The latest development could give them another opportunity to secure a player who has previously attracted attention from several Premier League clubs.
Liverpool and Leeds United are also reported to be monitoring the Morocco international, while Galatasaray have continued to follow his progress. Stuttgart’s willingness to consider offers could therefore create competition for his signature when the January window opens.
El Khannouss joined VfB Stuttgart after leaving Leicester City and has continued his development in Germany. The attacking midfielder has previously spoken about his ambition to play for one of the biggest clubs in the game, while recognising the importance of choosing the right environment at this stage of his career.
“I'm still young, I'm 22, and I have dreams that I want to keep fighting for until they come true,” he said earlier this year.
“My dreams are to play for the biggest clubs in the world and I will keep working towards them. I think this is the right place to be, to grow as a player and to make the next step.
“When you play in the Champions League or in the Premier League, it's so different. Everyone tries to attack and tries to play beautiful football. I think this is the best environment to be as a young player.”
His comments suggest that a move to England would appeal, although there is no indication that he has made a decision about his next destination.
For Newcastle, the reported asking price would represent a significant investment in a player who could add creativity and attacking quality to their midfield options. The club opted not to make a move last summer, but Stuttgart’s position means the situation could be revisited.
Any transfer will depend on whether Newcastle decide to formalise their interest and are prepared to meet the German club’s valuation. With other sides also tracking El Khannouss, the January window could bring a clearer picture of his future.