The versatile 24-year-old only joined the Blues from Brighton last summer in a whopping £60million deal.
But he failed to live up to the price tag in his opening season in west London as the Blues finished 12th in the Premier League table.
An injury kept him out of the final seven games of the campaign, while he competed for a starting spot at left-back with Ben Chilwell.
He was even used at centre-back in a back three formation on occasions in order to fit him into the line-up.
According to the Mirror, Newcastle are looking to prise him away from Stamford Bridge, where they can offer him Champions League football.
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Newcastle are understood to be keen on bringing in a full-back to compete with Dan Burn.
And it has been said that the Magpies' sporting director Dan Ashworth, who signed Cucurella for Brighton in 2021, remains a huge fan of the Spaniard.
The news outlet claims that new Chelsea boss Mauricio Pochettino would be prepared to sanction Cucurella's departure as he looks to trim down his bloated squad.
This could see Chelsea forced to accept a cut-price transfer of £30m - half of what they paid for him.
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Should Newcastle manage to secure Cucurella's services, this could have major implications on a deal to sign Arsenal's Kieran Tierney.
The Scotland international has been heavily linked with a summer switch to St James' Park after losing his place in the starting XI to Oleksandr Zinchenko.
Arsenal boss Mikel Arteta has even failed to rule out Tierney departing the Emirates.