The Switzerland international was one of the stand out performers for Rafa Benitez’s United last season, scoring four goals from centre half.
But following Benitez’s exit, Schar is one of a number of players rumoured to be considering their future on Tyneside.
And, according to Calciomercato, the Rossoneri could move this summer, having held talks with his representative.
United signed Schar for just £3million last summer.
Meanwhile, the Magpies may still be on the hunt for a new manager, but reports suggest they could about to clinch their first summer signing.
Football Insider claim that former Chelsea midfielder Kyle Scott is set to undergo a medical on Tyneside before agreeing a three-year deal.
The youngster, who is a player with a creative spark, would likely form part of the under-23 squad initially.