The Magpies have already enjoyed a productive window, signing Burnley goalkeeper Nick Pope and Lille defender Sven Botman in big-money deals.
However, as they continue to find homes for out-of-favour players, Newcastle are expected to be make high-profile additions before the end of August.
With a move for Reims forward Hugo Ekitike growing increasingly unlikely, Eddie Howe has been forced to assess alternatives to challenge the likes of Callum Wilson and Chris Wood.
According to Calciomercato journalist Matteo Moretto, Newcastle are showing an interest in securing the signature of De Tomas.
The 27-year-old has just enjoyed one of the best individual campaigns of his career in La Liga, contributing 17 goals and three assists from 34 appearances.
While Espanyol would naturally prefer to retain the services of their best player, they are also conscious of the transfer fee that they could generate this summer.
Moretto adds that Espanyol may be ready to do business for a figure in the region of €35m (£29.64m) this summer, a number which will inevitably attract glances from elsewhere.
Juventus are also said to be monitoring the situation with a replacement being required for Alvaro Morata, who has returned to Atletico Madrid.
Arsenal were heavily linked with a move for De Tomas at the start of 2022 as they looked to find a replacement for Pierre-Emerick Aubameyang.
At the time, Espanyol director Jose Maria Duran insisted that the Spanish outfit were not prepared to do business for anything other than De Tomas's €75m release clause.
Despite the player still having four years remaining on his contract, the situation appears to have changed, leading to the potential of a bidding war taking place between any interested clubs.
De Tomas has spent the bulk of his career playing in his homeland, his only venture outside Spain being a failed loan period at Benfica in 2019-20.