According to reports, Rafa Benitez wants a proven goalscorer to lead his side's promotion push next season and McCormack has appeared at the top of the list.
While Newcastle are yet to lodge a formal bid for the Scotland international, it is believed that they will during the summer transfer window.
29-year-old McCormack, who scored 23 goals for Fulham last season, harbours ambitions to play in the Premier League and St James' Park represents a likely destination where he can achieve that due to Benitez's plans to immediately bounce back to the top flight following their relegation to the Championship.
"I want to be playing in the Premiership," said the former Leeds United star after playing for Scotland against Italy on the weekend.
"I never, ever think to myself I should be playing in the Premiership because there are so many good players playing there. You're a little bit envious because they're playing against the best players in the world and I'm a tier below them.
"It's been something in my mind as the years have gone by. I will be 30 in August so time's running out.
"I don't know if I'll ever get that opportunity but it's something that I'd love to do."
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