Schurrle is still a highly rated footballer, but he has found it difficult to make an impact at Dortmund this season. He has not been involved in many Bundesliga games, and is behind the likes of Marco Reus and Christian Pulisic in the team's pecking order.
A loan move would suit both parties, with Newcastle's ability to pay a transfer fee in question given the takeover talks surrounding the club. They would also want to avoid being saddled with Schurrle's wages if they are not in the Premier League next season.
Stoke City could also get involved in the move.