The Magpies' finances have been transformed since the Saudi takeover of the club was completed in October 2021, which was followed up by a net spend of £200million in the calendar year 2022.
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It's proved to be money well spent so far with Eddie Howe's men currently third in the Premier League and also in the last eight of the Carabao Cup.
They've been linked with a number of big names including Napoli star Khvicha Kvaratskhelia and Argentina World Cup winner Enzo Fernandez.
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But Danny Mills believes Howe shouldn't feel under any pressure to spend in January with the Newcastle squad looking 'settled' at present.
"I'm not sure they will [sign many players]," Mills told talkSPORT. "You have to bring in better than what you've got already.
"I know Dan Burn's done very well so far at left-back but he doesn't look brilliant going forward, however, you've got Matt Ritchie and Matt Targett coming into those positions so that's not a problem.
"Maybe in midfield… Alexander Isak is going to be back in about ten days so you're not looking for a centre forward… maybe a midfield player if you're going to be fussy about that.
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"But unless they can find better at realistic value I'm not sure they will dip into the transfer market. They've brought Sven Botman in, they've brought Burn in, they've brought in players and it's settled.
"I don't think Howe will want to bring three or four because that could unsettle things."
Newcastle booked their place in the quarter-finals of the Carabao Cup with a 1-0 win at home to Howe's former club Bournemouth.
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The Magpies are chasing their first major piece of silverware since they won the FA Cup in 1955.