That nugget of information was first revealed by Craig Hope in his recent Daily Mail report, which also states the Magpies may consider selling players to boost their kitty.

Backed by the sovereign wealth fund of Saudi Arabia, Newcastle have so far spent around £250million in three windows.

Because of that, fans may have expected even more free and easy spending this summer, but Financial Fair Play (FFP) regulations won't allow it to the same extent.

Howe's top target is said to be Leicester midfielder James Maddison (26), but the Telegraph report the relegated club will demand at least £50 million - the vast majority of Newcastle's budget.

There are a number of midfielders linked with a move to St James' Park, including Brighton's Moises Caicedo (21) and Manchester United's Scott McTominay (26).

The Seagulls, who often drive a hard bargain, are believed to be looking for around £80million in return for their Ecuadorian star.

McTominay, however, may be available for a much lower transfer fee - around £25million - and is therefore a more realistic target for Newcastle this summer.

Midfield is not the only concern for Howe, though - he reportedly is interested in refreshing his back line with a few new faces.

Kieran Tierney's (26) name has been thrown about, but Arsenal are likely to want around £40 million for the Scotland international, which would wipe out about half of the Magpies' budget.

It's unclear what Newcastle will do in the forthcoming window, but their recruitment staff will now need to be more considered, if they are indeed aiming to appease FFP rules.

Howe may look at selling-to-buy this summer, with players like Jamaal Lascelles (29) and Ryan Fraser (29) perhaps suitable candidates, which would give the club a bit more wiggle room.

As reported by the Mail, Simon Capper is set to arrive from Leicester as Newcastle's new chief financial officer.

It should also be noted that the Magpies have just announced a multi-year £25million shirt sponsorship deal with Saudi company Sela.