The former Arsenal winger has spent the last nine years at Ajax building a world class reputation, and may also be able to bring highly-rated manager Erik ten Hag with him.
Newcastle are now the world's wealthiest football club following their £305million takeover by Saudi Arabia's Public Investment Fund, and the new owners see Overmars as the man to plot their path back to the top.
The Mirror reports that the club have made contact with Overmars following an incredible run with Ajax which has seen them compete for top European honours despite regularly selling their best players.
Overmars has overseen four Eredivisie league titles since returning to Ajax in 2012, as well as helping lift the club in Europe.
Ajax reached the Europa League final against Manchester United in 2017, and then managed to follow it up with a Champions League semi-final appearance two years later after the arrival of ten Hag.
Ajax lost the likes of Frenkie de Jong, Matthijs de Ligt and Donny van de Beek after narrowly missing out on the final, but the side now look just as good thanks to the guidance of Overmars and Ten Hag.
Pep Guardiola apprentice ten Hag was previously linked to Tottenham Hotspur, but the two parties failed to reach an agreement for a number of reasons, including the Dutchman's poor grasp of English.
Meanwhile, Overmars still has nearly three years left on his Ajax contract, but can walk away if an offer comes in from one of Europe's top leagues, and would likely be tempted as Newcastle plan to quadruple his £620,000-a-year salary.
The Magpies new ownership group are also considering a pair of other names, Liverpool's Michael Edwards and former Lille and Monaco director Luis Campos.
Edwards is set to depart Liverpool next year having helped the side return to the top of the game, nailing big money signings such as Virgil van Dijk and Alisson.
Portuguese director Campos has been credited with developing the likes of Kylian Mbappe and Fabinho whilst in France, and he helped Monaco and Lille take on the financial might of PSG to win league titles.