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After being taken over by the Saudi Public Investment Fund and the Reuben Brothers, Newcastle are expected to be active in the transfer market.
And as per the Daily Mail, Newcastle are keen on Ukraine international Zinchenko and are looking to sign him on loan.
Zinchenko signed for City from FC Ufa in a £1.7 million deal in 2016 and has become a useful player for Pep Guardiola, winning three Premier League titles after undergoing a position change.
This season the 24-year-old has found starts hard to come by due to the sensational form of Joao Cancelo at left-back, coupled with niggling injuries.
Although he was handed a start in the 2-1 win over Paris Saint-Germain on Wednesday night, Zinchenko has only managed 56 minutes in the Premier League.
And new Toon boss Eddie Howe is believed to want Zinchenko, who is incredibly versatile.
The former Shakhtar Donetsk youth player is predominantly a left-back these days but regularly plays in central midfield for his country.
He played in that very same role for 55 minutes in his last outing, before being replaced by eventual match winner Gabriel Jesus.
City could be reluctant to allow Zinchenko to leave, however, as there would be a lack of cover in the full-back positions given Benjamin Mendy is still in custody having been charged with six counts of rape.
Zinchenko was touted to go to Wolves in a £16 million move a couple of years back but elected to fight for his place and earn Pep Guardiola's trust.
"He deserves all my respect and I think he's going to make a long career," Guardiola has said on Zinchenko.
"I don't know if that will be here, hopefully, or another place, but with this behaviour he will be happy doing his job.
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