The Mirror says David, 20, has been scouted and is on the hit list and rated at £35m.
Newcastle will post a healthy profit in their accounts due this summer and even before extra investment, or player sales, will have £60m to spend in a buyer's market.
The Canadian international enjoyed an excellent season with the Belgian club, scoring 23 goals and providing 10 assists in 40 appearances.
A bargain is being considered with Nice midfielder Arnaud Lusamba, 23, who is out of contract.
The Frenchman made 15 Ligue 1 appearances before the season was ended, scoring once.