However, Cho's agent, Kim Min-jae, last night told the Sunday Sun that he remained hopeful of striking a deal with Newcastle.
Four other Premier League sides are said to be interested in Cho, but his agent said: "At the moment, we are still totally focused on Newcastle.
"We haven't been given any information from Newcastle officials that the deal is definitely off. We will maybe re-negotiate about terms and conditions.
"We may come back to Newcastle this week."
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