According to reports in his native Colombian, Magpies boss Rafa Benitez has lined up a double swoop for South American players.
He wants Morelos to add to his strikeforce, plus fellow Colombian and Tottenham Hotspur defender Davinson Sanchez.
Speculation surrounds Newcastle regarding a potential takeover from Sheikh Khaled's Bin Zayed Group.
If that comes to fruition Benitez could have significant transfer funds to work with. The Spaniard wants to complete the permanent signing of Venezuelan forward Salomon Rondon from West Brom.
But with the likes of Joselu, Muto and Dwight Gayle seen as surplus to requirements, report Don Balon, Morelos is seen as a key target to fill a place in attack.
The Rangers striker was signed two summers ago for around £1million from HJK Helsinki with the player valued at around £20million by the Ibrox club.
In addition, Benitez is also keen on Spurs centre-back Sanchez.
The 22-year-old has fallen down the pecking order at White Hart Lane but is expected to cost around £60million.