Italian tabloid Gazzetta dello Sport, claims the 22-year-old is now a prime target for the clubs, after missing out on Fiorentina striker Dusan Vlahovic.
Osimhen joined Napoli in a €70million deal from Lille two years ago and has scored 19 goals, despite being unlucky with injuries.
Newcastle are flush with cash under new ownership from the PIF, the Saudi Arabia investment fund believes they can go head to head with Arsenal for the striker in the current window.
Arsenal and Newcastle are in dire need of a striker to rescue their season and, they were both prepared to pay €75m.
The 23-year-old has already scored nine goals in 16 competitive games for Napoli this season.
According to the Gazzetta, Napoli President Aurelio De Laurentiis would be prepared to sell for at least €70m.
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