According to Calciomercato.it, Newcastle United are now favourites to land the former Chelsea forward in a deal worth around £25 million, with Aston Villa also believed to be in the running for the Frenchman.
Newcastle United are reportedly leading the chase as Nkunku eyes a return to England just a year after leaving Chelsea, where he joined AC Milan for a fee in the region of £32 million plus add-ons last summer. His time at the San Siro now appears to be heading towards a premature end, with the 28-year-old among the players cut from Rúben Amorim's plans and even excluded from training following Milan's preseason tour.
AS Roma, Borussia Dortmund and former club RB Leipzig have also been credited with interest, but Nkunku is said to favour another crack at the Premier League, putting Newcastle in pole position for his signature.
The links come at a difficult moment for Newcastle in the transfer market, with the club recently rebuffed by Pierre-Emile Højbjerg, who opted to remain with French side Marseille rather than move to Tyneside. Newcastle's need for attacking reinforcements has grown more pressing following the departures of key players Sandro Tonali, Bruno Guimarães and Anthony Gordon, leaving the club short of options as it looks to strengthen before the transfer deadline.
Nkunku's spell at Milan never fully got going after his move from Chelsea last summer, with the France international managing seven goals and three assists in around 1,300 minutes under Massimiliano Allegri before Amorim's arrival further squeezed his opportunities.
His versatility across the frontline, capable of playing as a central striker, a supporting forward or from wide areas, remains part of the appeal for suitors, even if his recent injury record and struggles to adapt in England during his Chelsea spell continue to raise questions over whether a return to the Premier League represents the right move.
Newcastle's pursuit reflects head coach Matthias Jaissle's determination to add proven Premier League experience to the forward line, with the club having already been active in reshaping its attacking options following a summer of high-profile departures.