The winger is being considered by Toon chief Ross Wilson as he seeks to strengthen their attacking midfield options this summer.
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ChronicleLive says reports have suggested Ugrešić's agents have been in talks with Newcastle this past week.
The 19 year-old carries a price-tag of €10m.
For Partizan this season, Ugrešić has made 29 appearances, scoring four goals and making three assists.
A senior Sebia international, Ugrešić's deal with Partizan runs to 2030.