The Serbian international spent the second half of last season on loan at Fulham, scoring 12 Championship goals to help the Cottagers return to the Premier League for the first time since 2014.
Mitrović has looked a rejuvenated figure since leaving St James' Park in January, and his form has reportedly caught the eye of Roy Hodgson, who is looking to strengthen his attacking options for next season after his current crop failed to fire last season.
Fulham are leading the race for the Serbian's signature after his successful loan spell, however Chronicle Live claim that Palace officials have asked Newcastle about his summer availability.
His potential arrival at Selhurst Park could pile the pressure on the much maligned Christian Benteke, who only managed three league goals all season. January signing Alexander Sørloth struggled to settle in too, leaving Palace to rely heavily on the goals of Wilfried Zaha.
His goalscoring exploits at Fulham are likely to secure him a place in Serbia's World Cup squad, with the powerful forward having already netted 13 times in 35 international appearances.
Despite his excellent form at Fulham, Mitrović is unlikely to be first choice forward under Rafa Benitez at Newcastle, with Ayoze Perez, Dwight Gale and Joselu ahead of the Serbian in the Magpies pecking order.
Should the 23-year-old's form continue for Serbia at this summer's World Cup, he may well have some tough decisions to make with a number of suitors tracking his signature.