The Magpies are without a manager since Rafa Benitez left the club on June 30.
Bruce, a boyhood Newcastle fan, emerged as the shock contender for the job yesterday with some bookies suspending betting on the ex-Sunderland boss taking the job at St James’s Park.
And the Sun and Sky Sports are reporting that Newcastle will make an official approach to Sheff Wed once they return from a pre-season trip to Portugal today.
The Sheffield Wednesday manager – who had been 33/1 for the job – was asked about the speculation linking him with the post after his team’s 2-0 pre-season win over Shrewsbury Town in Portugal last night.
Newcastle United transfer news: Magpies identify £40m James Maddison alternative with ex-Crystal Palace man linked
Eddie Howe’s surprise Newcastle United transfer admission as Brighton draw reinforces priority
Sunderland suffer major injury blow
Newcastle United transfer target confirms move ahead of official announcement
Brendan Rodgers reveals he talked Swansea City defender out of move to Newcastle United whilst on Mount Kilimanjaro
Bruce 58, told the Sheffield Star: “It's news to me. God only knows what happened.
“There seemed to be an upsurge (in the betting) from somewhere. John Terry was favourite yesterday. It was Mikel Arteta the day before so who knows.
“As far as I’m concerned, I’m here, I’m going home, and looking forward to walking the dog!"
The Sun report that Bruce could even meet owner Mike Ashley this week after emerging as his No1 target. Ashley has never paid compensation for a manager previously but is said to be willing to pay £1million to get Bruce out of Hillsborough, where he has been since February.
Newcastle fans have reacted angrily to the news that Bruce could replace Benitez.