Marc Overmars has previously spoken about "sorting out" Arsenal amid rumours he is wanted by Newcastle.
The Magpies are seeking a new sporting director as they begin to put the right people in place to enact their long-term vision.
Their wealthy new owners, who completed their takeover a fortnight ago, are also on the lookout for a new manager having sacked Steve Bruce on Wednesday.
Overmars is highly-rated around Europe following his works at Ajax. The Amsterdam outfit have continued to punch above their weight with their player recruitment and youth system key factors.
The club's director of football has played a vital role in that, which has helped the Dutch club make huge profits in the transfer market.
Overmars' compatriot Rafael van der Vaart, who played on the white side of north London, is not surprised by the clamour to appoint the Ajax supremo.
And he believes Overmars would prefer a move to Arsenal instead of Newcastle if the opportunity arose.
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Marc Overmars is highly thought of around Europe ( Image:
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"He's doing so well that everyone wants him," Van der Vaart told Ziggo Sport.
"What they have been doing for years, together with Edwin van der Sar, I think is great. It doesn't surprise me.
"Maybe it is a nice challenge at Newcastle United, but I think he would much rather go to Arsenal. He has more of a connection with that, but I don't think he's going to do this."
Newcastle's new owners are set to take a measured approach to transfer spending, with investment set to be put into hiring the right people, improving facilities and bolstering their youth system.
Amanda Staveley, a minority shareholder, has spoken about the club's ambitions.
She told Sky Sports : "You can know and be reassured that we want to invest at every level. We want to get the best squad we possibly can.
"Everybody talks about it [big-name players], but what you need is a team that works well together. That's also just as important."
This isn't the first time the 48-year-old has been linked with an return to England having previously been touted with a role at the Emirates.
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Arsenal's recruitment is led by Edu, who has spoken about their recent strategy change following their efforts this summer.
They have been linked with Overmars, who was part of their 1998 double winning side, as they look to join England's elite once more.
Ray Parlour, who played alongside the Ajax chief, claims he has previously spoken to his former teammate who has expressed a desire to return.
He said on talkSPORT : "Obviously he (Edu) worked in Brazil, even Marc Overmars - I've had a text off him before saying 'Oh Ray, I need to go back to that club and sort it out.'"