Newcastle have withdrawn their interest in Dominic Calvert-Lewin due to the cost of the deal, talkSPORT understands.
Eddie Howe is a long-term admirer of Calvert-Lewin and tried to sign him two summers ago.
The 27-year-old is in the final year of his Everton contract and Newcastle believed that he could be available for a minimal fee.
Newcastle are required to sell before they can add any reinforcements to their squad this summer.
Despite the striker’s contract edging closer to its expiration date, Everton are not expected to let Calvert-Lewin leave cheaply.
The cost of the deal proved too much for the Magpies and they have now withdrawn their interest.
Newcastle are believed to have sounded out the Everton hitman in preparation for the departure of Callum Wilson who is attracting interest from West Ham and Saudi Arabia.
Despite enduring a frustrating season with injury, Calvert-Lewin featured 38 times for the Toffees.
It also means that Yankubah Minteh now unlikely to go to Everton in the opposite direction, with Lyon in the box seat.
There will be plenty of transfer business at St James’ Park, but Newcastle are determined to keep Bruno Guimaraes and Alexander Isak.
Guimaraes has a £100m release clause in his contract that expires tonight and despite interest from Manchester City and PSG, the Magpies are not expecting anyone to trigger it.
As talkSPORT revealed in April, Isak has held talks over signing a new contract at St James Park and talks are believed to be progressing positively.
Striker Wilson, England defender Kieran Trippier and midfielder Sean Longstaff are other players they could be willing to cash in on ahead of star duo Guimaraes and Isak.