The Magpies seemed to hold a genuine interest in wrapping up a deal, but complicating factors ultimately led to its collapse at the eleventh hour, and instead Steve Bruce moved to bring in Joe Willock on a loan deal from Arsenal.
But according to new reports, the Toon Army could look to revisit negotiations with the Foxes – albeit for a different player.
Notícias ao Minuto suggest that Newcastle are keen on 19-year-old midfielder Sidnei Tavares, with the youngster said to be frustrated by a lack of first team opportunities at the King Power Stadium.
Tavares is the cousin of former Manchester United winger Nani, and has already been capped at youth international level for Portugal.
For his club, however, he has been limited to a single 10-minute cameo in the Europa League.
If the Magpies are to pounce on Tavares, however, they are likely face serious competition.
According to the report, Sporting Lisbon, Benfica, Sevilla, Almeria and OGC Nice are keen, while The Sun claim that Barcelona are among the sides keeping tabs on him.
As for the player himself, he seems relatively open to the idea of a move.
Speaking to Portuguese outlet Record last month, he said: “I have always trusted myself and I’m ready for everything.
"I feel prepared for the next leap.”
Elsewhere, Manchester United are understood to have slapped an eight-figure price tag on Jesse Lingard.
As per the Daily Mail, Newcastle were interested in a potential loan move for the midfielder in January, but ultimately lost out to David Moyes’ West Ham.
Since making the move to East London, the midfielder has been in revelatory form, and has hit three goals and an assist in his first four Premier League outings for the Hammers.
Off the back of his recent upturn in form, Eurosport report that his parent club would be willing to listen to offers of around £20 million for the player in the coming months.
According to Whoscored, Lingard is currently the third-highest rated player to have made more than three appearances in the top flight so far this season.
We’ve gathered the rest of today's Premier League gossip below:

5. United plot Telles move
Alex Telles is facing uncertainly over his Manchester United future as the club are eyeing a swap deal with Inter Milan. The Reds would want Marcelo Brozovic in return. (Inter Live) (Photo by Laurence Griffiths/Getty Images) Photo: Laurence Griffiths

6. Alzate talks Brighton future
Brighton and Hove Albion midfielder Steven Alzate has admitted he is eyeing a move to another club in future, although he is happy where he is for now. (MARCA) (Photo by Andy Rain - Pool/Getty Images) Photo: Pool

7. Moyes rules himself out of Celtic running
West Ham manager David Moyes has ruled himself out of the running for Celtic's vacant managerial post. (Various) (Photo by John Walton - Pool//Getty Images) Photo: Pool

8. Burnley put £50m tag on Pope
Tottenham will have to pay £50m to buy Burnley goalkeeper Nick Pope this summer. (Lancashire Live) (Photo by Clive Brunskill/Getty Images) Photo: Clive Brunskill