The club is understood to have reached agreement with Chelsea over a season-long loan for Atsu at St James’s Park.
Rafa Benitez wants to sign a winger before Wednesday night’s transfer deadline.
And Atsu, signed from Porto three years ago, is due on Tyneside for a medical. The 24-year-old has previously had loan spells at Everton, Bournemouth, Vitesse Arnhem and Malaga.
Ghana international Atsu has never played a first-team game for Chelsea.
The deal is understood to have an option to buy at the end of the season.
Newcastle have already signed 11 players this summer, with Daryl Murphy and Achraf Lazaar the latest arrivals.
The pair signed for the Championship club over the weekend.
United have also been offered West Bromwich Albion winger Callum McManaman, signed from Wigan Athletic for £4.75million in January last year.
Speaking after the weekend’s goalless draw against Middlesbrough, West Brom head coach Tony Pulis said: “I expect McManaman to leave.”
“We’ll get our money back on him.”
McManaman injured Newcastle defender Massadio Haidara with a dangerous challenge playing for Wigan three years ago.
Meanwhile, United’s Under-23 side were beaten 4-0 by Aston Villa yesterday.
Forward Sammy Ameobi was handed his first start of the season by Peter Beardsley at Villa Park.
Libor Kozak scored a hat-trick for Villa, and Johan Abdoul also found the net.
NEWCASTLE UNITED: Harker, Broccoli, Good, Findlay, Cameron, Barlaser, Hunter (Holmes, 69), Roberts (Charman, 46), Longstaff, Vuckic, Ameobi (Ward, 81).