Newcastle are plotting loan moves for Chelsea attacking midfielder Conor Gallagher and Liverpool winger Harry Wilson ahead of the 2020/21 campaign.
The Magpies' proposed £350m takeover fell through at the end of July after Saudi Arabia's Public Investment Fund pulled out, ending hopes of a lavish summer of spending at St James' Park.
Mike Ashley's natural stinginess coupled with the financial impact of the coronavirus means Steve Bruce will likely be restricted to a budget of around £35m in the transfer window.
However, a deal for either player will not come easily, with the pair both in high demand after impressing out on loan last season.
Gallagher spent the season at Swansea, scoring six goals and providing 11 assists in 45 Championship appearances as the Swans made the playoffs during a dramatic final day of the season.
The 20-year-old is eager to try his hand at the Premier League, but with Chelsea's squad already filled with attacking talent and a heavy summer of spending in the pipeline, his opportunities in the Blues first team will likely be limited.
The England international was born and raised just south of London, meaning the Eagles and the Hammers may have a geographical advantage over Newcastle when it comes to attracting Gallagher.
Wilson meanwhile enjoyed an impressive year out on loan at Derby during the 2018/19 campaign, before joining Bournemouth the following season.
He got off to a strong start on the south coast, finding the net six times before December, but his season tailed off and he featured more sporadically as the Cherries eventually suffered the drop.
Newcastle face competition from Leeds for the Welsh international's signature, and Jurgen Klopp is keen to see Wilson in action before deciding on the winger's future.