Nuñez left Anfield in the summer of 2025 after three seasons at Liverpool in which he scored 43 goals in 114 appearances — an output that never quite matched the expectations created by his £64m arrival from Benfica.
The arrival of Alexander Isak's replacement at St James' Park, German forward Nick Woltemade, along with Congolese striker Yoane Wissa in a combined outlay of around £120m, shaped a new front-line at Newcastle United that has not delivered the expected returns.
Newcastle's attacking struggles have been well documented across the second half of the season. Eddie Howe's side have created chances but lacked the clinical edge to convert them consistently, with neither Woltemade nor Wissa delivering the numbers the club's investment demanded.
Nuñez, despite his inconsistencies at Liverpool, remains a physically imposing centre-forward with proven Premier League experience and a strong record at international level for Uruguay.
TalkSPORT reported that Nuñez is prepared to take a significant wage reduction on his $400,000-a-week Al-Hilal deal, which has effectively been terminated following his omission from the squad. The Saudi club's recruitment of Karim Benzema reduced their quota of non-Saudi players and left Nuñez without a path back into the first team.
Chelsea have also been monitoring his situation with a view to supporting João Pedro in attack. Liam Delap has not established himself as the reliable second striker the club envisaged when they signed him from Ipswich Town, and incoming manager Xabi Alonso is expected to reassess the attacking options available to him.
Whether Nuñez fits Alonso's playing style is a different question. The Spaniard tends to prefer technically assured forwards capable of operating in tight spaces — a profile that does not obviously suit the direct, physical Uruguayan. Newcastle's need is more straightforward and the opportunity to return to a familiar environment and rebuild his reputation in English football may prove attractive.
His wages and any potential compensation package for Al-Hilal remain the main commercial obstacles to completing a deal.