The 26-year-old spent just six months with the club following a £14m move from Tottenham back in January 2016, making just 13 appearances before the Magpies were forced into a sale when they were relegated at the end of that season.
However, Newcastle manager Rafa Benitez is now interested in re-signing Townsend ahead of the new campaign and Sky Sports claim a £17m price tag has been slapped on the England international winger.
Townsend has made 79 appearances across all competitions for Crystal Palace since he moved to Selhurst Park two years ago, scoring five goals and claiming 16 assists.
Anyone who wants to sell Andros Townsend needs their head testing!!— Fiona McNamara (@Feemac20) June 16, 2018
Runs his socks off week in and week out!!
End of conversation!! 😉x
It is added that Newcastle United's attempts to lure Townsend back to the club are unrelated to their interest in Chelsea forward Kenedy, who spent the second half of last season on loan at St. James' Park.
The Brazilian winger reportedly underwent a medical with Newcastle on Tuesday ahead of a season-long loan spell with the club. Kenedy was directly involved in four goals for the Magpies last year as they finished 10th - 11 points ahead of the relegation zone.
Martin Dubravka and Mikel Merino have seen their loan spells at Newcastle made permanent this summer for just under £10m, but the only new arrival at St. James' Park is that of former Swansea City midfielder Ki Sung-yueng.