Newcastle will not be making an attempt to bring Liverpool striker Andy Carroll back to St James' Park on loan.
Reports on Tuesday claimed the Magpies were considering approaching Liverpool over a proposed temporary deal during the transfer window.
However, according to the Evening Chronicle, Newcastle sources have dismissed this suggestion, while those close to Carroll are said to be 'astonished' by the rumours.
Carroll was sold to Liverpool for £35 million almost a year ago but has, so far, failed to live up to expectation at Anfield.
The 22-year-old has scored only five times for Liverpool, with his last goal for the Reds coming at the end of October.
Liverpool, though, are now likely to rely on Carroll to find form in the absence of Luis Suarez, who began his eight-game suspension by sitting out of Tuesday's defeat to Manchester City.
Kenny Dalglish's side were defeated 3-0 at the Etihad Stadium, after Sergio Aguero, Yaya Toure and James Milner all scored for City.