Striker Shola Ameobi would ultimately cost the Blues £4 million based on top-ups relating to appearances and other add-ons, according to reports in the North-East.
Town are believed to have had an initial fee of £3.5 million accepted by the Magpies with Ameobi set to decide whether he fancies a move to Portman Road and finds Town's personal terms acceptable.
Earlier in the summer, the former England U21 turned down a move to Stoke, where he spent the final months of last season on loan, Newcastle having agreed a fee of around £4 million for the 26-year-old Nigeria-born frontman. Town's offer is understood to be slightly lower than the Potters' deal, once all the top-ups are taken into consideration.
News of Town's interest in Ameobi first surfaced in March via reports from the North-East.