El Khannouss left Leicester City for VfB Stuttgart in September 2025, initially on loan, and enjoyed a productive first season in Germany, scoring nine goals and adding seven assists in 41 competitive matches.
He is under contract at Stuttgart until the summer of 2030. According to journalist Santi Aouna, Newcastle have identified the 22-year-old as a target and are exploring the feasibility of a move.
The shift comes after Newcastle United's pursuit of Fernández-Pardo hit a wall over valuation. The Lille winger has also drawn Newcastle's interest, with the Premier League club offering €60m for the player, but Lille are said to be holding out for €70m, having been emboldened by the funds raised through Ayyoub Bouaddi's €100m move to Manchester City this summer.
Negotiations have stalled as a result, opening the door for Newcastle to pivot toward alternatives.
El Khannouss offers a different profile in the final third but comes with Premier League experience already under his belt from his time at Leicester, where he scored three goals and added seven assists in 39 appearances before his move to Germany.
He has previously expressed a preference for staying in the Bundesliga to continue playing Champions League football, but Stuttgart's own willingness to do business is understood to have shifted his outlook, opening the door to a return to English football this week if Newcastle press ahead with a formal approach before the deadline.