In recent weeks, the Magpies have been attempting to strengthen their backline with the club-record acquisition of Crystal Palace defender Marc Guehi.
However, despite being willing to spend £65m on the England international, Newcastle have been left frustrated with Palace already confirming that the centre-back will remain at Selhurst Park.
Ideally, Eddie Howe and club officials would have an alternative lined up, but the Newcastle boss appeared downbeat when assessing the situation at a press conference on Friday.
On a positive note, the North-East outfit are clearly prepared to spend big if the right player becomes available, and it appears that they are switching their attention to the final third.
Elanga on Newcastle radar
According to Sky Sports News journalist Keith Downie, Newcastle have made contact with Forest regarding the potential addition of Anthony Elanga.
Newcastle would allegedly be interested in signing the Sweden international in a £35m deal, but Forest are said to want more money should they agree to part ways with an important player.
As it stands, the East Midlands outfit are said to have no desire to cash in on the 22-year-old, who has started the opening two Premier League fixtures of the season.
In 2023-24, Elanga played a pivotal part in Forest's survival in the division, contributing five goals and nine assists from 36 top-flight appearances.
With the former Manchester United man possessing a contract until 2028, Forest do not have to be in any rush to sell, particularly at a time when Nuno Espirito Santo has failed to add another forward to his squad.
Will Newcastle consider bidding higher?
Although the likelihood is that Newcastle will submit another bid, it is unclear what it would take for Forest to reconsider their stance.
The East Midlands side paid £15m when signing Elanga from Man United last summer, and stand to make a profit of well in excess of £20m on their books if they do cash in on Friday.
Newcastle and Forest did business earlier in the summer, with Elliot Anderson departing Newcastle for Forest and Odysseas Vlachodimos moving in the opposite direction in a separate deal.