The Sun says Newcastle are willing to wait until the summer to sign Calvert-Lewin as he comes off contract at Everton in June.
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Fiorentina are also interested and have an advantage as Calvert-Lewin is free to commit to a pre-contract with any foreign club.
However, Newcastle are regarded as favourites to sign the England striker.
For the moment, Calvert-Lewin is running down his contract, though things could change with the club's new owners, the Friedkins, now in charge.