With Daniel Majstorovic out due to a hamstring injury, the Scottish Sun says Hoops boss Neil Lennon is keen to take Campbell on-loan.
Campbell admitted: "I'd look at the situation, I'd look at everything. But Celtic have to come to me and Newcastle have to come to me and say x, y, z. Newcastle would have to decide what they want to do.
"I couldn't come to an agreement with Celtic last summer, that's the way it goes at times. I was still impressed by the club.
"Sometimes six months down the road people can wake up and realise things better, look at the bigger picture.
"We'll see what happens. Watch this space, eh?"