talkSPORT understands a move back to Saudi Arabia is on the cards for the twinkle-toed winger, who has struggled to settle since leaving the Magpies.
Saint-Maximin signed for Fenerbahce on a season-long loan in the summer as one of manager Jose Mourinho's top targets, but it has not worked out for him in Turkey.
The 27-year-old Frenchman left St James' Park to sign for Al-Ahli on big money in the summer of 2023 after four seasons with the Magpies.
But it didn't really work out for him in the Middle East, either, managing just four goals in 31 appearances in his only campaign in the Saudi Pro League, although he did provide ten assists.
He then agreed to move back to European football with Fenerbahce, where he has managed three goals and four assists in 23 appearances since the summer.
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According to reports in Spain, Mourinho has grown frustrated with Saint-Maximin and is eager to terminate his loan deal and land Ansu Fati from Barcelona in his place.
Fati has failed to live up to his wonderkid reputation, and even had the option of a permanent transfer to the Premier League turned down by Brighton last season after a forgettable season on loan with the Seagulls.
Cash-strapped Barcelona could look to cash in on the out-of-favour 22-year-old to raise money to strengthen their squad elsewhere, with Mourinho said to be interested.
But Saint-Maximin is the key to any deal being done.
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Fenerbahce are said to have had a €15m purchase option for Saint-Maximin, but now need to cancel his loan deal and send him back to Al-Ahli to facilitate any potential move for Fati - but there is a chance the Saudi club have no room for him.
talkSPORT understands a return for Saint-Maximin has not been ruled out by Al-Ahli, but they have to lose a foreign player or re-register one of their current squad members to make room for Saint-Maximin again.
The Saudi Pro League side are believed to be open to terminate the loan and bring the French winger back under the right circumstances.
But nothing is advanced yet.
Saint-Maximin is said to be the highest-paid player in Mourinho's team, with Fenerbahce covering €4.5million and Al-Ahli covering the other €2.5m of his total €7m-a-year wages.
It was widely reported Saint-Maximin earned around €11m in the first year of his contract in Saudi Arabia, but then agreed to reduce his salary for the second year of his deal.
Mourinho was asked about Saint-Maximin after the mid-week 0-0 draw with Lyon in the Europa League, where the Frenchman had another ineffective game off the bench.
"I can clearly say that I don't know anything about his future," said the boss.
Saint-Maximin became a firm fan favourite during his time at Newcastle.
But while he had a reputation for being one of the funniest footballers to follow on social media, he was often a source of frustration for supporters on the pitch.
One of the Premier League's top entertainers at the time, he could certainly get bums off seats with his silky control with the ball at his feet, his blistering speed and fearless attacking attitude, but his end product was often found lacking.
Despite his popularity, Newcastle decided to cash in when Al Ahli came calling with a £23m offer for the Frenchman.
Manager Eddie Howe brought Harvey Barnes in as his replacement from Leicester in a £38m deal in the same transfer window.