Magpies manager Rafa Benitez is known to be an admirer of the Venezuela international, who was relegated with the Baggies last year despite finishing the campaign with 10 goals and four assists to his name.
Newcastle have been eager to sign Rondón as the club looks to bolster their attack ahead of the new campaign, but negotiations have been painfully slow for both sets of supporters.
However, the Daily Mail claim that an agreement is close to being reached after Newcastle offered West Brom the chance to sign Dwight Gayle on a season-long loan as part of the deal.
It is claimed that both players will move to their respective clubs on temporary deals this summer, although there will be an option to buy clause in both Rondón and Gayle's contracts.
Forgotten striker Aleksandar Mitrović has sealed his move away from St James' Park for a sensational £22m, with the Serbia international returning to Fulham - where he spent the second half of last season on loan.
Rondón will then be brought in by Newcastle to offer the likes of Joselu and Ayoze Pérez, as well as returning strikers Adam Armstrong and Ivan Toney, better competition for places next season.
The Magpies have already seen Ki Sung-yueng, Martin Dúbravka and Fabian Schär join the club this summer, while Mainz 05 striker Yoshinori Muto will also link up with the squad pending a Governing Body Endorsement.