The striker – who spent the second half of last season on loan at Fulham – is due to return from his post-World Cup holiday this week.
Mitrovic, signed from Anderlecht in the summer of 2015, is not in Rafa Benitez's plans at Newcastle and wanted by Fulham.
The two clubs are understood to have all but agreed the terms of a £20million transfer – and the deal should be pushed through later this week.
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Benitez – who is having to sell to buy this summer – wants to spend the fee on another striker, with West Bromwich Albion's Salomon Rondon – who has a £16.5million release clause in his contract – among his targets.
Fulham will pay for the 23-year-old in instalments, and first payment could be just £5-7million.
Newcastle, however, will be banking instalments from previous sales this summer.
Tottenham Hotspur were offered a payment plan before buying midfielder Moussa Sissoko for £30million two years ago.