Jackson, 24, was shipped out on loan to Bayern Munich last summer, but has failed to make much of an impact in Bavaria.
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Bayern reportedly had a €65 million conditional option to buy in the deal, but Jackson failed to play the 45+ minutes in 40+ games needed to activate it.
According to TalkSPORT, Newcastle are looking to sign Jackson this summer, with the striker still expected to leave West London.
Current Newcastle forward Nick Woltemade and Yoane Wissa have failed to set St James’ Park alight since joining, with Eddie Howe’s side now looking for a new striker.