As reported by the Telegraph, Rafael Benitez is willing to spend a chunk of his £50m transfer kitty on the Brazilian, who starred for the Magpies during the second half of last season whilst on loan from Chelsea, scoring twice and providing two assists in 13 league games.
Despite returning to Stamford Bridge after helping Newcastle to a tenth placed finish last campaign, rumours of the 22-year-old rejoining to the Magpies on a permanent basis have refused to go away, and he appears to be a key target for Benitez ahead next season.
Alongside Kenedy, another named linked with Newcastle is Red Bull Salzburg's Valon Berisha, and the pair could cost a combined total of £35m, although the club could make £20m of that back should Aleksandar Mitrovic complete his expected move to recently promoted Fulham.
Should the Brazil U23 international resign with Newcastle, he will be joined by a familiar face in Martin Dubravka, who signed from Sparta Prague after an impressive loan spell of his own, and new addition Ki Sung-yueng.
The South Korea international joined on a two-year deal from Swansea after his contract at the Liberty Stadium expired, and Benitez seems delighted to have brought the 29-year-old to St James' Park.
He said: "I'm pleased to welcome Ki to the club. He is a player with lots of Premier League and international experience and it was an easy decision to bring him here. He is the captain of his country, a good character and he will be a good addition to the squad."