The Magpies are on the hunt for a new manager after Steve Bruce was sacked following the Saudi Arabian-led takeover at St James’ Park, and according to reports the Spaniard is the first-choice option on Tyneside.
Newcastle are currently in talks with Emery over a move to the north east and would have to pay €6million (£5.1m) in compensation to LaLiga side Villarreal, where the 49-year-old has been working since July last year and with whom he won the Europa League with victory over Manchester United in May.
Emery’s side eliminated Arsenal in the semi-finals en route to winning the title.
Former Bournemouth boss Eddie Howe has also been linked with the Newcastle job, though Emery is the front-runner.
The Magpies – under the temporary leadership of Graeme Jones – are currently languishing in the Premier League’s bottom three and are one of two sides – along with Norwich – still without a win after 10 games.