The Toon are now one of the richest clubs in the world, but because of the lack of commercial growth under Mike Ashley, they are restricted by Financial Fair Play.
Newcastle also spent around £90million in January to help the club survive.
So, the budget might not be as big as anticipated, but the Toon will still be active in the market and have been linked with some quality players.
But who is most likely to be at St James' Park next year? talkSPORT.com decided to have a look at the biggest rumours.
Lucas Paqueta
The Toon have identified Olympique Lyon midfielder Lucas Paqueta as one of their top targets.
The Brazilian international is Bruno Guimaraes' international teammate and one of his best mates.
The Times claim the Magpies would be interested in breaking their transfer record to secure Paqueta's signature.
Paqueta was in Newcastle not long ago to visit Guimaraes, and it appears Howe would like him as part of his squad next year.
Renan Lodi
The Toon's move for Lodi appears to be accelerating, with the club set to meet with the player this week, according to Andre Hernan.
The 24-year-old is one of Howe's top targets at left-back and he could join fellow countrymen Joelinton and Bruno Guimaraes on Tyneside.
He would also join former team-mate Kieran Trippier at St James' Park as well.
Therefore, this one could be on if the meeting goes well, as a new left-back seems like a priority for the Toon.
Hugo Ekitike
The Magpies look set to go back in for Reims striker Ekitike after he turned them down in January.
The forward wanted to see out the season in France before assessing his options, so the Toon could be in business.
Sky Sports reporter Dharmesh Sheth believes that an offer of £25.5m will be enough, but PSG are also keen.
Ekitike is one of the brightest young prospects in Europe, so if Newcastle pull this off, that would be a big statement.
Sean Longstaff
The academy graduate has committed his future to the club by signing a new three-year contract.
Longstaff's deal on Tyneside expired in June, but Howe was always confident the Magpies would keep one of their own.
And after a strong end to the season in which Longstaff played well against Arsenal and Burnley, he has put pen to paper.
Longstaff said: "I'm over the moon. To sign for three more years at your hometown club - especially with the way the club's going and what the owners are putting in place - is really special for me and my family and a day I'll never forget.
"You need to be in the right place to learn and keep improving, and since the first day the new manager's come in, I've loved every second of working with him."
Moussa Diaby
Newcastle have made Bayer Leverkusen winger Moussa Diaby one of their top targets this summer.
L'Equipe believe the Toon are planning a formal offer in the coming days, while the player hasn't ruled out a move to Tyneside.
However, Leverkusen want to keep Diaby after a fine season from the winger, and the Bundesliga side will have Champions League football next year.
Paris Saint-Germain are also keen on Diaby, so it remains to be seen if Newcastle can pull this deal off.
Sven Botman
The Dutch centre-back was one of Newcastle's main targets in January, and the player wanted the move.
However, the two clubs couldn't agree a fee, and he stayed at Lille.
AC Milan were expected to come and sign the defender, but that hasn't progressed.
Therefore, Newcastle are interested again, according to The Telegraph.
If they were to sign Botman, the Toon would arguably have one of the best young centre-backs in the world on their books.