The Magpies raided Lyon in January, securing midfielder Bruno Guimaraes.
According to the Chronicle, Paqueta is not a big earner at Lyon, and may look to leave in the summer.
However, Arsenal and other clubs are also interested in his services.
One factor that may work in Newcastle's favour is Paqueta's friendship with Bruno Guimaraes.
The Brazilian recently stated that he would love to play with Paqueta again at club level.
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