The Magpies' European hopes received a blow in Wednesday's 3-2 away defeat to Manchester United, leaving Eddie Howe's side in seventh place and three points adrift of safety.
Even if Newcastle fail to secure European qualification, they are still expected to strengthen their backline ahead of the 2024-25 campaign.
The defensive duo of Jamaal Lascelles and Sven Botman are currently sidelined with long-term injuries, forcing Howe to form centre-back partnerships out of Emil Krafth, Dan Burn and Fabian Schar.
Amid concerns about the Premier League's Profit and Sustainability rules, the Magpies have seemingly identified the free-agent market as a way to bolster their central defensive options.
Newcastle leading race to sign Kelly
The Magpies are believed to be in pole position to sign Tosin Adarabioyo when his Fulham contract expires at the end of the season.
In addition to Adarabioyo, Newcastle are keen to recruit Kelly, with his Bournemouth deal set to run out this summer.
According to Football Insider, the Mapgies are in pole position to sign Kelly after offering him a four-year contract.
The 25-year-old is also believed to be a target for Tottenham, but it appears he is closing in on a move to St James' Park.
Kelly set to end five-year stay with Bournemouth
Kelly rose through the youth ranks at Bristol City, before going on to make 48 competitive appearances until he completed a move to Bournemouth in the summer of 2019.
After being relegated in his first season with the club, Kelly helped Bournemouth win promotion back to the top flight in the 2020-21 season.
Kelly has seen his current campaign hampered by calf, hamstring and hip injuries, but he has still managed to make 22 Premier League appearances for Andoni Iraola's side.
The former England Under-21 international has been utilised as both a centre-back and a left-sided defender, highlighting the versatility he could offer to Newcastle if he completes a switch to the North East.