Following the recent Saudi Arabian-backed takeover being confirmed earlier this month, the Mapgies' transfer budget has increased dramatically, with several high-profile names already being linked to St James' Park.
But Waugh thinks that the former Arsenal midfielder has the potential to be part of the club's future.
What are his stats this season?
Considering Willock was the go-to man for Newcastle during the latter stages of last term, he's struggled to make any sort of impact since making his switch permanent for £20m over the summer.
Since missing the opening day defeat to West Ham having not been signed in time, the 22-year-old started all but one of the next seven Premier League matches.
Statistically, he's been Newcastle's fourth best player this season with an average rating of 6.63, according to WhoScored, although perhaps that says far more about how poor the team have been performing than Willock doing anything spectacular himself.
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Against Tottenham, the only outfield players to receive a worse score than Willock were Sean Longstaff (6.03) and Joelinton (6.11), which epitomised his difficulties since he joined permanently.
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Despite his struggles, Waugh was asked which players from the current squad are good enough to survive the spending spree that could take place – and said that Willock has definitely got a chance.
What did Waugh say?
He told GIVEMESPORT: "Joe Willock has a decent chance, they've just re-signed him in the summer for £25m in instalments. He has something about him.
"Arsenal let him go and that gives you a bit of a question mark as to why they let him go. If he couldn't get in their team, could he reach that next level, but he's still young.
"He has huge promise, he has built a good relationship with the supporters, so he has to be one of them."
Does Willock have a long-term future at Newcastle?
Right now, Willock is definitely one of the players that many will expect to be with the club for the next few years at least.
He already showed his quality during his purple patch that saw Newcastle avoid relegation, although his form during 2021-2022 might suggest that was nothing more than a hot streak.
Then again, Willock is only 22-years-old and has racked up just 61 Premier League appearances, the majority of which were as a substitute for Arsenal, so with Newcastle trying to build something long-term and not for the next year or two, the midfielder is definitely someone they want to keep around.News Now - Sport News