The news comes as the Merseyside club look set to complete the signing of Barcelona defender Lucas Digne in a £22m deal, with the Frenchman deemed as the long-term replacement for 33-year-old Baines.
The Mirror report that Newcastle could make a move for the Everton vice-captain before the transfer window ends closes next week – with the start of the Premier League season less than a fortnight away.
Baines joined Everton in 2007 for £6m and has gone on to represent the Toffees over 400 times in all competitions, including 334 Premier League appearances. While he is often considered as a goal-scoring defender with 42 career goals to his name, he 33-year-old is currently the all-time record holder for assists made by a defender in the Premier League.
The left-back has also been capped 30 times by the England national side, scoring one goal in his five year England career – a strike in 2012 against Moldova during a 2014 World Cup qualifier.
Rafa Benitez’s side are in the market for a full-back following the departure of Massadio Haidara to RC Lens on a free transfer and have reportedly identified Baines at their top target. Meanwhile, the Magpies are also keen on taking Baines’ teammate Nikola Vlasic on loan for the forthcoming campaign.
Burnley, meanwhile, are yet to make a single transfer so far this transfer window, as the club embark on their first season playing European football since 1967.
The summer transfer window shuts for Premier League clubs on Thursday 9 August with the new top-flight season starting a day later.