The Sun says Newcastle are considering a £2million move for Dickie to strengthen their defensive options.
The 24-year-old was one of the standout player in the Oxford side that missed out on promotion to the Championship in the League One play-off final.
By failing to reach the second division, Oxford manager Karl Robinson is bracing to lose his star man with a bunch of clubs showing an interest.
Both Leeds and West Brom were sending scouts to Oxford matches last season to monitor Dickie, but Newcastle are likely to make the first move this summer.
He has just one year left on his contract with Oxford and the club are likely to sell him knowing that he would leave on a free next season.