Eddie Howe's verdict on £77m Newcastle transfer spree with Guimaraes fee agreed

Eddie Howe has confirmed Newcastle United are closing in on a big name signing - with Brazilian Bruno Guimaraes set to take their January spending to £77million.

The head coach insists Newcastle 's transfer window investment isn't finished - despite a big money deal to land the Lyon and Brazil midfielder poised to be sealed.

The Saudi Arabian funded Geordies have agreed a €40m fee with the French club, with €8m of bonus payments.

Guimaraes, 24, is set for a medical in South America today where he is on international duty.

Speaking from Jeddah, in Saudia Arabia where he is holding a warm weather training camp, Howe confirmed: "We are closer to completing a transfer for a player. We are close to getting one over the line."

A week ago Howe was frustrated at the lack of progress and admits a "Newcastle tax" - an inflated rice because of the Saudi riches - does exist and has hampered their purchasing power.

Deals for Sven Botman and Diego Carlos have stalled because of price hikes towards £40m.

New arrivals Kieran Trippier and Chris Wood will be joined by Guimaraes soon, with a bid for Brighton 's Geordie defender Dan Burn in the region of £8m also tabled today. Jesse Lingard of Manchester United remains a possible loan signing.

Howe said: "We are working hard to improve the squad and give the team the best chance to stay in the league.

"If we can get this deal done we will be in a better place. The frustration is only with the window, not with people behind scenes at the club working so hard.

"The window has been tough to get clear decisions from other clubs and directives on what we can do. The work has been immense and we hope that bare fruit.

"It is a unique window for us. It has been a difficult situation for us. We have navigated it as best we can. Who knows what the last few days will bring. The players I now have are in a good place and new additions can fit in quickly and take us forward.

"With every window you learn. No windows are the same. I could sit here for hours and talk about what has happened. That is football and the transfer market.

"Everyone will come out of it wiser.

"Is there a Newcastle tax? There possibly is in all honesty. I don't think it will be evident further down the line of our journey."