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Eddie Howe's side have already snapped up Kieran Trippier and Chris Wood in the transfer window and are looking to make Guimaraes a statement signing.
The 24-year-old has been chased by Arsenal and Manchester United in the past and reports earlier this week claimed the Magpies had agreed a €40 million deal.
Lyon released a statement denying that however and L'Equipe claim it was down to how Newcastle wanted the deal structuring.
It's claimed Newcastle wanted to spread payment over five years which Lyon deemed unacceptable for one of their star players.
A new deal is currently being rehashed, said to be in the region of €42 million plus €10 million in bonuses and a healthy increase to Guimaraes' deal.
Guimaraes is with Brazil on international duty and could complete his medical in Belo Horizonte on Friday.
He's regarded as one of the top midfielders in Ligue 1 and will offer quality in a position in desperate need of strengthening at St James' Park.
Newcastle are currently 18th in the Premier League and have won just two games all season.
Howe is keen to strengthen his squad in the transfer window and another position they're keen to improve is central defence.
Negotiations for Sevilla's Diego Carlos appear to have hit a standstill, despite spending most of January chasing his signature.
The La Liga outfit have said the offer received was 'insufficient' and won't be taking talks any further.
Sporting director, Monchi, told a press conference: "The offer was very important, respectful, but it was an offer that our board considered insufficient. It is also true that it was maybe not the best time.
"It’s a difficult market in which to find a replacement for him. If the offer had come in the summer, things may have been different. Jules [Kounde] is a magnificent player and I would say the same about Diego Carlos. I think he is one of the top five central defenders in Europe."
Newcastle have attempted to sign Jesse Lingard on loan from Manchester United for the rest of the season.
United have insisted on a £12 million survival clause if Lingard helps them stay up.
Newcastle are reluctant to pay that however, given the 29-year-old is out of contract in the summer.