Both players are currently on-loan at St Mirren.
Spencer Downey said of the situation: "Newcastle have offered the lads contract extensions but the talks are on-going. There is still an agreement to be reached on matters like the lengths of the contracts so we will just have to wait and see what happens.
"Nothing has been decided yet and there is interest from other clubs. But Newcastle have been impressed by the way Conor and Paul have been treated during their time in Scotland and have agreed that if they do sign for Saints permanently, they will not ask for the compensation fee they are entitled to.
"Instead they will just ask for a sell-on clause to be inserted in their contracts that will see them take a share of any future profit."