The Magpies ended the season with a 4-2 victory over Brentford that they initially felt would earn the club a place in next season's Europa Conference League.
However, Manchester United's surprise win over Manchester City in the FA Cup final has left Eddie Howe's side without a spot on the continent.
As a result, the North-East outfit will miss out on extra revenue and a chance to win a competition that they would have been favourites to win.
Howe had already faced having to work with a restricted budget in order for Newcastle to meet the Premier League's Profit and Sustainability regulations.
Newcastle ready to move for Trafford
Nevertheless, acquiring extra competition for Nick Pope is seemingly high on Newcastle's priority list ahead of the 2024-25 campaign.
According to the Daily Mail, Newcastle are contemplating whether to make a big-money approach for Burnley goalkeeper James Trafford.
The 21-year-old made a total of 28 starts for the Clarets during the most recent campaign before losing his place after the 2-2 draw at West Ham United on March 10.
Burnley were subsequently relegated from the Premier League and now have to take into consideration how to generate funds and make cutbacks ahead of another season in the Championship.
With Trafford having dropped down to second choice behind Arijanet Muric, it appears to make logical sense to consider offers for one of their most prized assets.
Where would Trafford sit in pecking order?
Although Newcastle are said to be happy with Pope when the England international is fit, he missed a large chunk of this season with a shoulder injury.
Deputy Martin Dubravka performed adequately enough in his absence, but the Slovakian is now 35 years of age with one year left on his contract.
Meeting Trafford's alleged asking price of £20m may not necessarily make logical sense for Newcastle when they require at least two new centre-backs as a priority courtesy of long-term injuries to Sven Botman and Jamaal Lascelles.
Chelsea have also been credited with an interest in England Under-21 international Trafford in recent days.