The 26-year-old left St James' Park back in the summer of 2018, moving to Peterborough United for a fee of less than £1m after making just four senior appearances for the Magpies.
Toney had originally joined the club's youth sides as a teenager from Northampton Town in 2015, before being sent out on various loan spells.
However, the striker could be making a return to Tyneside this summer according to The Sun, who report that Eddie Howe's side are interested in moving for the Brentford man ahead of the 2022-23 campaign.
Howe is keen to add attacking reinforcements in order to support Callum Wilson, who has often been relied upon for goals, whilst struggling with a poor injury record.
After missing out on Hugo Ekitike, who on Saturday joined Paris Saint-Germain from Reims, the report suggests that Newcastle, as well as Leeds United, could be set to test the Bees' resolve with an offer of £30m or more.
Toney angered Newcastle fans last season when he scored during Brentford's 3-3 draw at St James' Park, after which he kissed his current side's badge in front of the Gallowgate End.
Since leaving the North East, Toney has enjoyed productive spells at both Peterborough and Brentford, including an impressive return of 12 goals and five assists in 33 Premier League appearances during the 2021-22 campaign.