The 19-year-old has been a key player for the seven-time French champions so far this season, attracting interest from a number of Premier League giants.
However, the Daily Mail reports that it would take a fee of £35m to prise the full-back away from Lyon in the January transfer window and as a result, any transfer is more likely to happen in the summer.
The outlet claims that Newcastle are looking for long-term replacements for 32-year-old Kieran Trippier, with Ivan Fresneda of Real Valladolid and Harrison Ashby of West Ham United on their shortlist along with Gusto.
Despite being under contract until 2025, the report states that Fresneda would be available for around £26m, although Valladolid would like to keep him as they battle to keep their La Liga status.
Newcastle currently sit third in the Premier League, seven points off leaders Arsenal and four points ahead of fifth-placed Manchester United.