The Athletic says Newcastle are keeping tabs on Pulisic.
The American's future at Stamford Bridge was recently thrown into major doubt following the Blues' shock signing of England international Raheem Sterling.
Pulisic struggled to hold down a place in the West Londoners' starting XI last season and could find himself warming the subs bench this campaign.
And Newcastle are reportedly willing to offer him regular first-team football should Chelsea deem him surplus to requirements.
The Magpies "would consider" a swoop for the USA international if Chelsea make him available.