The 23-year-old's future has been a hot-button topic for several months now, and it appeared that a move back to Liverpool was a genuine possibility at one point over the summer.
Liverpool were thought to have been willing to send Joe Gomez in the opposite direction as part of the bargain, but the window slammed shut without the two sides reaching a compromise over a deal.
Following a relentless summer of speculation, Gordon only managed one goal in his first five Premier League games of the season, but he rescued a point for the Magpies in Saturday's 1-1 draw with champions Manchester City.
The winger's contract at St James' Park only has another two years left to run, although it has been reported that Newcastle are hoping to tie him down to a renewal that would make him their highest-paid player.
Arsenal 'lurking' as Newcastle make contract progress
According to The Sun, talks between the two parties have now reached an advanced stage, and Newcastle are 'on the verge' of tying one of their most prized assets down for the long-term.
Gordon and Newcastle are reportedly set to discuss the final details imminently after discussions intensified, but Arsenal are still lurking in the background and are waiting to pounce in case negotiations collapse at the last minute.
Gordon was called up to England's Euro 2024 squad, but the former Everton winger only played one minute in the entire competition, coming off the bench in the Three Lions' final group draw with Slovenia.
While in Germany, Gordon supposedly told his compatriots that he was Liverpool-bound, and his hyper-fixation on the transfer rumours was reportedly a key factor in his lack of Euros minutes.
A deal to bring Gordon to Anfield would have apparently surpassed the £100m mark, but Liverpool's decision not to pursue a deal has been justified thanks to the electric form of Luis Diaz, who is also expected to be handed a new deal.
Gordon stays, but could two others depart?
Gordon may be ready to commit his future to Newcastle, whom he has recorded 15 goals and 11 assists in 71 matches for, but he is just one of three jewels in the Newcastle crown.
Midfielder Bruno Guimaraes and attacker Alexander Isak were both strongly linked with moves to Arsenal in the summer too, but the Magpies' price demands made a move for either unfeasible.
Arsenal may have added Mikel Merino to their ranks this summer, but as Jorginho and Thomas Partey are out of contract in 2025, it is not beyond the realm of possibility that they could go back in for Guimaraes next year.
The Gunners held off on making a big-money striker signing, but that situation could also be revisited next year if Gabriel Jesus endures another season of inconsistency, and it will be intriguing to see whether Newcastle can convince Isak to stay put if they fail to qualify for Europe again.