It's well documented that the Magpies have an extreme amount of money behind them and - providing they stay within the limits of financial fair play (FFP) - they will soon be able to attract some of the most talented players in the world.
As seen with Manchester City in the past, Newcastle now have the potential to build one of the best squads in the league.
They have already started their rebuild with the likes of Nick Pope, Sven Botman, Bruno Guimaraes and Alexsander Isak coming in over the last year.
With the quality they have bought as well as the dramatic upturn in form of some other players, Eddie Howe's side now find themselves third in the Premier League.
Ahead of the January window, Flashscore takes a look at where they need to strengthen, who potential targets are and which members of the squad could leave.
Positions to strengthen
On the whole, Newcastle have a solid squad of players that has so far performed above expectations.
Due to their high position in the league and the now realistic ambitions of a top-four finish this season, they will need to add some quality depth to key areas.
It would be irresponsible not to consider strengthening where they can given the fact that a lot of key players have suffered with injuries across the campaign.
Newcastle have the best defensive record in the division this season, meaning major changes to the back four aren't needed - although they do lack slightly when it comes to depth.
Four centre-backs in Botman, Fabian Schar, Dan Burn and Jamal Lascelles could be added to - particularly with Burn often having to play left-back.
There could also be the option of bringing in another full-back, albeit that seems to be low on the priority list.
A plethora of midfielders have been linked to Newcastle since the summer and it's likely that they will look to add at least one player there in January.
Further to this, despite the superb form of Miguel Almiron, there is also a chance of the Magpies bringing in a player who can play across the front line and add something new to their attack.
Transfer targets
One name that is constantly linked with a move to St James' Park is James Maddison, who has been performing to an excellent standard for the past year with Leicester City.
His ability to play either out wide or in a creative central role makes Maddison an attractive prospect for Newcastle, although he will likely cost a lot of money.
The midfielder has an impressive 19 goals and 12 assists since the start of last season and would be a welcome addition for almost any club in the top four - not to mention the fact he is English and contributes to any homegrown quotas that need to be met.
Another player that has attracted plenty of attention in recent weeks is Shakhtar Donetsk winger Mykhailo Mudryk.
He has quickly emerged as an exciting young talent in Europe however it looks like he could be on his way to Arsenal.
A wildcard option might be that of Memphis Depay, who doesn't appear to have a future at Barcelona.
His contract is up in the summer and the Dutchman has barely featured this season with just three club appearances to his name.
The common theme for these three players is that they can play either on the wings or in a creative role behind the striker - but with Depay comes the added option of being able to spearhead the attack.
Another option that this time last year would have seemed ridiculous would be young Borussia Dortmund striker Youssofa Moukoko who is also out of contract in the summer.
Newcastle already have the makings of a fantastic midfield with Guimaraes and Joelinton but would do well to add another to bolster their options.
Sofyan Amrabat and Azzedine Ounahi both starred at the World Cup for Morocco and could be viable options - in particular Amrabat who would offer a better defensive option.
Two midfielders who seem to always be linked away from their respective clubs are Youri Tielemans and Moises Caicedo.
Both would be a good fit for Newcastle, although clubs will be reluctant to sell keys players to a rival in the middle of the season.
In terms of defenders, Milan Skriniar of Inter Milan could be available as his contract expires in the summer.
The likes of Tottenham Hotspur, Chelsea and PSG have been heavily linked with him in the past, though, meaning it would take some convincing for him to consider Tyneside.
A young full-back to keep an eye on is Harrison Ashby of West Ham, who is set to leave in the summer and has been linked to Newcastle in the past.
Players on the way out
A number of squad players could be sent out on loan during the window for more game time, particularly given how difficult it is right now to break into Newcastle's first team.
Elliot Anderson is an exciting young talent who has been in and around the senior squad throughout the season but would benefit from consistent game time.
The likes of Jacob Murphy, Matt Ritchie and Ryan Fraser have had to largely settle for minutes off the bench but letting all three go would leave Howe short in the wide department - so it may be the case that one of the three is either loaned out or allowed to leave.
Ritchie's contract expires in the summer which makes his departure the most likely.
Paul Dummett is another player with a deal that only runs to June 2023 and the Welshman has only made one appearance all season.
His ability to play both in central defence and left-back means he could be kept at the club, although there is every chance he could leave if an offer came in.
Ciaran Clark is currently out on loan at Sheffield United and could leave permanently during the winter window. A similar situation applies for Jeff Hendrick at Reading.
