Newcastle are trying to sign Rangers duo Barry Ferguson and Madjid Bougherra in a double deal.
Magpies chief Joe Kinnear is looking to bring a number of new faces into the club during the winter transfer window.
The Rangers duo are very high on Kinnear's wanted list and talks began earlier this week.
Both midfielder Ferguson and defender Bougherra have Premier League experience with Blackburn and Charlton, respectively, and Kinnear sees the duo as ideal signings.
Newcastle are looking to take advantage of Rangers' current financial situation and swoop for the duo.
"I have enquired about Ferguson, but we will wait and see what the outcome of that is," said Kinnear.
"We are finding it difficult to bring certain players from clubs. Our bids haven't been accepted so far.
"The problem is two or three clubs are in for the same players. At the moment, there could be teams bidding more than us.
"It would help if I could move some of the players here and get the finances in that way. But we have had no bids for them."
Rangers boss Walter Smith insists the only bid they have received is from Wolves for Alan Gow, who impressed during a six-month loan stint at Blackpool.
"We are not looking for anything else at the moment. With it being the transfer window, there will be speculation," said Smith.
"There is nothing we can do about that but we have had no other enquiries for anyone else other than Gow.
"We have had one enquiry from Wolves for Alan Gow. Negotiations are ongoing and that is the only enquiry we have had for any player.
"There are 28 players on the staff and we have to adjust that number a little bit and we have to wait and see what happens with that over the next few days but, so far, that is the only enquiry we have had for anyone."
Smith, though, did concede the club would sell if a deal was too good to turn down.
"There are obviously players in our squad that we wouldn't like to lose," he added.
"We were in a situation last year when Alan Hutton was sold to Tottenham.
"We didn't want to lose him but the bid was such that we had to take it from a purely financial sense. You can never say that won't happen again.
"We would want to try to keep the group who have been involved in playing on a regular basis together and add to that if we can.
"First and foremost, we have to adjust the numbers that we have and that's the group who haven't been taking part in a lot of the games."
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