However, The Sun have reported that Chelsea are considering shipping the hotly-tipped striker out on loan to Hull due to the fact that Blues owner Roman Abramovich is friends with recently appointed Tigers boss Leonid Slutsky.
Newcastle were hoping to add firepower to their forward line this summer as they look to strengthen for their immediate return to the top-flight, but Hull's new boss may use his connections with compatriot Abramovich to jump the queue and land the 19-year-old ahead of the Magpies.
Abraham enjoyed a successful loan spell at Championship side Bristol City last term - the striker scored 26 goals for the Robins, but is now seeking Premier League football.
Newcastle & Brighton lead the scramble but told to pay an additional £1m to cover signing-on fees for Abraham,his family & his agent. [Mail]
Despite the youngster's impressive scoring record, potential suitors of the promising forward have been told that they will have to fork out an additional £1m, according to the Daily Mail. However, this money will not be received by Chelsea and will go to Abraham in terms of a signing-on fee, as well as his family and his agent.
Recently promoted Brighton and Hove Albion were also in the running to land the player, but the financial implications involved in a move has cooled their interest.
Chelsea have reportedly lined up a new contract for Abraham thought to be worth £50k-a-week, which is ready to be signed before he completes a loan move.