The Mirror says Toon are out to sign Beckham in a plan hatched by Mike Ashley and backed by Kevin Keegan.
The shrewd Toon supremo knows that the former England skipper would sell shirts by the thousand at his club and also make them a world-wide brand.
Newcastle's shirts are made by adidas and Beckham is the face of the brand, so it would be a commercial masterstroke as well as a sound deal for footballing reasons.
Beckham, who was on good terms with Keegan when Kev was England boss, has signed up for a lucrative spell in US football and is committed to it. But Ashley hopes the lure of Newcastle, Keegan and a better chance of staying in the England side will swing a transfer or loan deal.