The Magpies were able to finish in seventh position in the Premier League standings, initially believing that they were likely to secure European qualification.
However, Eddie Howe's side have been left without continental football for 2024-25 courtesy of Manchester United - who finished in eighth - beating Manchester City in the FA Cup final.
As a result, Newcastle may find themselves hindered in the transfer market, the lack of extra revenue potentially proving costly in the search for new players.
Nevertheless, the North-East outfit have little option but to try to acquire new centre-backs with Sven Botman and Jamaal Lascelles sidelined with long-term injuries and Paul Dummett having left on a free transfer.
Tomori makes decision on Newcastle interest
According to Football Insider, Newcastle hold an interest in tempting Tomori back to English football.
The same outlet alleged earlier this month that contact had been made with the representatives of the former Chelsea defender.
While the 26-year-old would become a first-choice member of the backline, he reportedly has little interest in departing San Siro at the present time.
Tomori is said to view a transfer to Newcastle as a step down to what he is experiencing in Milan, the England international having established himself as a first-team regular.
Despite having fallen down the pecking order at Chelsea, Tomori immediately warranted a senior spot at Milan and has since made 120 appearances in all competitions, as well as winning a Serie A title.
Nearly two years have passed since his last contract extension, but there are still three years remaining on his existing deal.
What now for Newcastle?
Newcastle have already acquired the services of Bournemouth defender Lloyd Kelly on a free transfer, but missing out on Tosin Adarabioyo has left them with an issue.
The hope had been that they could bring in two experienced centre-backs on free transfers, yet they will now have to pay a fee unless they are able to find an alternative free agent.
Had Newcastle pressed ahead with trying to sign Tomori, a substantial fee would have been required. Milan paid £25m for Tomori when he was barely featuring for Chelsea and there is an argument that he could command double that fee.
On a positive note, Newcastle fans may be encouraged that showing an interest in a player of Tomori's valuation is a sign that they plan to make high-profile acquisitions over the coming months.