Eddie Howe’s side have struggled to make additions so far this summer, with the likes of Liam Delap, Joao Pedro, and Benjamin Sesko turning them down for other Premier League clubs.
They’re still doing everything they can to boost their squad ahead of a hectic 2025/26 season, however, and have no agreed a deal for Thiaw, 24.
According to transfer guru Fabrizio Romano, Newcastle will pay a fee of €40 million (£35 million), including add-ons, to secure the Germany international’s services.
He adds that the deal is now at the final stages. Thiaw impressed in Italy last season, making 32 appearances across all competitions during a rollercoaster campaign for AC Milan.