Newcastle United have 'given up' in their pursuit of James Maddison as the St James' Park hierarchy are not confident that Leicester City are willing to offload the creative midfielder, according to CBS reporter Ben Jacobs.
The Magpies have spent close to £60million since the transfer window reopened for business, but head coach Eddie Howe could still make alterations to his squad ahead of the September 1 deadline.
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What's the latest news involving Maddison?
According to The Guardian, Newcastle have been unsuccessful with two bids worth up to £50million for Maddison as the closure of the summer window looms.
The report suggests that Leicester are reluctant to sell the one-cap England international unless a £60million offer is tabled.
Newcastle are not Maddison's only admirers as it is understood that Tottenham Hotspur have been 'very seriously considering' whether to make a move.
In a bid to ensure the 25-year-old will remain at the King Power Stadium, Leicester have opened negotiations over a new contract.
Maddison has entered the final two years of his £110,000-per-week deal, so the Foxes are keen to see the former Norwich City man commit his long-term future to the club by signing on the dotted line.
What has Ben Jacobs said about Maddison?
Jacobs understands that Newcastle, led by the Saudi Arabia-based Public Investment Fund following their £305million takeover last October, are no longer plotting a move for Maddison.
The journalist believes the Magpies will not try their luck with a third proposal as they feel Leicester are unwilling to do business.
Jacobs told GIVEMESPORT: "The briefing that I've been given from sources close to Newcastle's owners is, for now, they've given up on James Maddison.
"They won't return with a big bid at this point and that's because they don't believe that Leicester will sell."
Who are Newcastle tracking instead as they look to bolster their midfield?
According to The Sun, Conor Gallagher has now become Newcastle's number one transfer target ahead of the September 1 deadline.
However, the Magpies will have to spend big on the four-cap England international as the report suggests that Chelsea rate him at £40million.
Two other midfielders that Howe has on his radar are also at Stamford Bridge, with those being Christian Pulisic and Callum Hudson-Odoi.
With Newcastle being the richest club in world football, the former Bournemouth boss will be hopeful of making at least one more signing ahead of the transfer window slamming shut.