Newcastle United are launching a massive bid for Lazio midfielder Sergej Milinkovic-Savic.

The Serbia international has been linked with Arsenal this season.

However, Newcastle are now making a move to outbid all rivals for the midfielder.

Il Messaggero says Newcastle are offering €60m cash to Lazio for Milinkovic-Savic, with a €12m signing bonus also tabled.

Newcastle are also making a contract offer worth €10m.

However, sources inside Lazio's Formello HQ are insisting nothing formal has yet been fielded from Newcastle.