The Magpies are preparing for a mammoth January transfer window under new boss Eddie Howe.
Newcastle currently sit in the Premier League relegation zone, second bottom with just one league win all season.
It is expected the club, under their new ownership, will spend big in January.
Former England star Joe Cole has pinpointed Aaron Ramsey, Jesse Lingard and Tierney, who has had time on the Arsenal bench recently, as players to target.
“The bright thing for Newcastle to do in January is to buy players ready-made Premier League, know the league, they can't afford to have anybody who needs any time to settle in,” Cole told Coral.
“Kieran Tierney, is another out of the team at Arsenal, I think would be fantastic.
"I think he's ideal for Newcastle, fits right in and he needs a new challenge. I don't know why he's not playing regularly at Arsenal recently.”