Newcastle are meeting the buyout clause in Ayoze Perez's Tenerife contract.
Record says Perez had agreed personal terms with Porto, but now is keen on moving to England and Newcastle.
The Toon have agreed to meet the striker's €2 million buyout clause, though nothing will be signed off until the end of the Segunda Division season.
Perez has stood firm throughout this season in refusing to renegotiate terms with Tenerife in order to keep his escape clause affordable.
