Gordon was the subject of transfer speculation over the summer, with a move in the region of £75m being touted for the 23-year-old.
PSR constraints meant that Newcastle had to sell some assets to avoid being punished by the Premier League's financial rules, but they managed to hold on to their biggest talents, such as Gordon, and also Alexander Isak and Bruno Guimaraes.
Instead, deals were struck that saw Yankuba Minteh and Elliot Anderson leave St. James' Park, in what was overall a quiet summer on Tyneside.
Liverpool suffer blow in Gordon pursuit?
Any hopes Liverpool had of resurrecting a deal for Gordon in January or next summer could hit a stumbling block though, as Gordon is set to be offered a bumper new deal at Newcastle.
The Daily Mail claim that the Magpies are prepared to make Gordon the highest-paid player at the club to fend off interest from Liverpool and any other parties who may come in for the England international.
Having started all four Premier League games so far this season, on the back of a campaign which saw Gordon hit double figures for goals and assists, Newcastle evidently feel the need to quickly tie down one of their most prized assets.
Gordon started both of England's UEFA Nations League wins earlier this month, raising his profile further after being largely overlooked by Gareth Southgate at the Euros in the summer.
The report states that a salary of almost £9m-per-year could be offered to Gordon, which would see him overtake club captain Guimaraes as Newcastle's highest earner.
Gordon's current deal runs until the summer of 2026, meaning if no contract is signed in the next 12 months, the club would be under pressure to sell in fear of losing him on a free transfer further down the line.
No return to Merseyside for ex-Everton man Gordon?
Any move would have seen Gordon return to Merseyside less than two years after leaving in very unpopular fashion, and becoming one of the few players to cross the divide from Everton to Liverpool, even though he did play for the Reds in his youth.
Gordon eventually broke through at Everton as a 20-year-old, playing 35 matches in his first full season in the first team, helping the club to Premier League survival.
It was from Everton where Newcastle signed Gordon for around £45m back in January 2023, but the player left Goodison Park under a bit of cloud.
The player came in for individual criticism from supporters with the Toffees once again struggling at the wrong end of the table during his final few weeks at the club.
After settling in and finding his feet at Newcastle, Gordon again was in the spotlight in Everton circles during an interview with Gary Neville for The Overlap.
When talking about his career aims, Gordon revealed: "My ambition is to be at the top [of football], and I couldn't do that where I was [at Everton].
Gordon's career trajectory is heading in that direction though, having since made his Champions League bow for Newcastle and appearing at the European Championships with England over the summer.