Having already lost Sandro Tonali and Anthony Gordon earlier in the window, and with Bruno Guimaraes now closing in on a move to Arsenal, Newcastle United face a significant rebuilding job in central midfield, and the 31-year-old Dane has emerged as one option under consideration.
He would be far from the marquee arrival Newcastle fans might have hoped for to fill the void, but his Premier League pedigree and experience could offer a steadying influence alongside the club's younger additions, Sean Steur, 18, and Aladji Bamba, 20.
Hojbjerg has 97 caps for Denmark and has continued to perform consistently well since leaving English football for Marseille.
Newcastle previously attempted to sign him from Tottenham in 2022 for a fee in the region of £30m, before he eventually completed a permanent move to Marseille for around £17m last year, having first arrived in France on loan. He has since made 75 appearances and scored eight goals for the French club across all competitions.
Sporting director Ross Wilson has been working through an extensive list of midfield targets as Newcastle look to rebuild following their exits this summer, and Hojbjerg's readymade Premier League experience means he could settle quickly into Matthias Jaissle's dressing room, providing another experienced head as the squad adapts to life after Guimaraes and Tonali.