It's looking unlikely that Steve Bruce will be handed much in the way of a budget, and will need to be thrifty in the market and perhaps look further afield to secure for quality players on bargain deals.
Meanwhile, as the managerial merry-go-round continues, ex-footballer Jamie Carragher has claimed former Magpies boss Rafael Benitez would be an ideal candidate for the vacant Everton job, and argued: “Of the names instantly linked with Everton as the Ancelotti news broke, who is more qualified than my former Liverpool boss Rafa Benitez?
“Rafa is available, settled in the area and I am sure he is ready if (Farhad) Moshiri is prepared to consider one of the more shocking managerial appointments in Merseyside football history.
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Brighton & Hove Albion have been linked with a move for Strasbourg midfielder Jean-Ricner Bellegarde, as they prepare to fill the void left by Yves Bissouma should he leave the club. Bellegarde is an ex-France U21 international. (Foot Mercato)
“At the very least, Benitez should be under consideration as Moshiri begins yet another managerial quest. And not for the first time, before the owner decides the right candidate, he has to be clear of the football direction he wants to take.
“With Ancelotti, Everton pursued the tried-and-tested, proven experienced manager and stellar name. If that is what Moshiri still wants, Benitez is an obvious candidate.”
Here are today's biggest transfer stories and the latest team news involving Newcastle United and the rest of the Premier League, as the reaction to last season and the build-up to summer transfer window continues:
Aston Villa have been tipped to launch a move for Burnley striker Chris Wood this summer, as they look to bolster their attacking line. Reports suggest that the Clarets could demand as much as £40m for the 29-year-old ace. (Football Insider)
Leicester City have been handed a boost in their pursuit of Bayer Leverkusen defender Jonathan Tah, who could be sold for less than his £30m asking price. He's been capped on 13 occasions for Germany. (BILD)
Chelsea are set to allow striker Michy Batshuayi to leave the club permanently in the upcoming transfer window. He's failed to impress since joining the Blues back in 2016, and has spent the majority of his time out on loan. (Football.London)
Leeds United have been linked with a move for Huesca left-back Javi Galan, after being frustrated in their pursuit of Stade Brest man Romain Perraud. The former is likely to cost considerably less than the later, who is value at £18m. (Football Insider)
Everton have opened talks with ex-Wolves boss Nuno Espirito Santo, as they look to find a successor to Carlo Ancelotti. Santo spent almost four years with Wolves, taking the side from the Championship to the top tier and 95 of his 199 games in charge. (Sky Sports)
Following Carlo Ancelotti's exit from Everton to join Real Madrid, Los Blancos are now favourites to sign Toffees talisman Dominic Calvert-Lewin. The England international netted 21 goals for his side last season. (SkyBet)
Leeds United have been set a hefty £35m asking price for Udinese star Rodrigo de Paul, and could have to contend with the added pressure of competition from Atletico Madrid to sign the player. He was heavily linked with Leeds last summer too. (Goal)
West Ham have emerged as the new favourites to sign Liverpool midfielder Alex Oxlade-Chamberlain, ahead of Newcastle United. The £35m man looks set to leave Anfield in search of regular first team football, after battling back from an injury setback. (SkyBet)
Arsenal, Spurs and Man Utd have all been credited with an interest in Lille full-back Zeki Celik. The 24-year-old played a key role in his club's shock Ligue 1 title win last season, featuring in 29 league games. (Mirror)