The 20-year-old joined Paris Saint-Germain on a season-long loan deal from Reims on Friday, which includes an option to purchase the striker on a permanent deal.
The Magpies had been heavily linked with the youngster ever since the conclusion of the 2021-22 campaign, but despite reportedly agreeing personal terms with Ekitike, he instead opted to join the Ligue 1 champions.
As a result, Newcastle boss Eddie Howe remains on the search for a forward to support Callum Wilson next season, who has often been relied upon for goals at St James' Park despite a troubled injury record.
Brentford's Ivan Toney has been linked with a return to Tyneside ahead of the 2022-23 campaign, but reports in France suggest that Newcastle remain keen on bringing in a young French striker this summer, following their failure to land Ekitike.
The first target is said to be Alan Virginius of Sochaux according to Le10Sport, who are reporting that Newcastle will battle Bundesliga outfit Bayer Leverkusen for his signature.
The 19-year-old has recorded eight goals and four assists in 50 games for Sochaux in all competitions since making his first team debut in September 2020, which included five goals and two assists in 31 Ligue 2 appearances last season, as Sochaux finished fifth.
Meanwhile, L'Equipe are reporting, via the Mirror, that should a move for Virginius fail to materialise, Newcastle will instead target Bordeaux's Sekou Mara, with a fee of €15m (£12.7m) plus bonuses said to be the asking price according to the report.
Unlike the former, Mara has top-flight experience, having scored six goals for Bordeaux in Ligue 1 last season, but like Virginius, the 19-year-old has also represented France at various youth levels.
Newcastle have brought in Nick Pope and Sven Botman during the summer transfer window so far, whilst also securing the permanent capture of Matt Targett, ahead of their season opener against Nottingham Forest on August 6.