There has been much speculation over how much the Magpies will have available to spend on fresh faces this summer, but Waddles has argued that they really need to splash the cash.
Speaking to Betting Expert, he said: “They had a good finish to the season. Steve Bruce had a good run and got well away from any talk of relegation. He’s got a good crop of players there.
"Let’s be honest with Newcastle, mid-table’s a good position for them. They don’t spend money like other teams.
"They need a goal scorer. Wilson’s been injured a lot - if he played the full season he might get the 20 goals you’re looking for. Joelinton’s never hit the ground running, so there’s not many people who’ll chip in with goals if Wilson’s not playing.
"It’s always a 1-0 or 2-1, and it’s very hard when you’re going out and thinking ‘we’re going to have to score one goal to hold on and win a game’.
"I think Steve makes the most of what he’s got. If he’s let loose with the chequebook to go and buy two strikers, around the £30-40m mark, then you’ve got a chance.
"Realistically, it’ll be much the same for Newcastle this season.
"They might get two or three players in for not a lot of money, hoping they can help the team away from relegation.”
We’ve gathered the best of today’s Premier League speculation below…
5. Heaton joins Manchester United
After two years at Aston Villa, former Burnley goalkeeper and captain Tom Heaton has returned to Old Trafford and signed a two year deal with his first club Manchester United. (Official club announcement) (Photo by Naomi Baker/Getty Images)
Photo: Naomi Baker
6. Leeds want Nwakali
Leeds United are interested in signing Nigerian midfielder Kelechi Nwakali. Watford are also keen. (The Athletic) (Photo by Alex Caparros/Getty Images)
Photo: Alex Caparros
7. Hincapie open to summer move
Ecuador's teenage defender Piero Hincapie has admitted that he could be open to a move this summer. Newcastle United are among the teams being linked with a transfer. (ESPN) (Photo by Pedro Vilela/Getty Images)
Photo: Pedro Vilela
8. Leeds reignite Madueke interest
Leeds United have reignited their interest in PSV Eindhoven sensation Noni Madueke. The youngster could cost around £20 million. (Football Insider) (Photo by MAURICE VAN STEEN/ANP/AFP via Getty Images)
Photo: MAURICE VAN STEEN