All eyes have been on potential departures in recent weeks with the medium-term futures of Alexander Isak and Bruno Guimaraes up in the air while the likes of Arsenal and Manchester City are linked.
But for now the club needs to focus on getting back into the Champions League, which may only require finishing in fifth place this season.
Heading into the final days before the window opens, Newcastle are just two points off that spot with their trip to Old Trafford in hand.
And although their form is improving with three league wins in a row, it was winter last season when Eddie Howe's side's season fell apart, so they will be under no illusions about the need to keep the squad fresh and strengthened ahead of the career. -in.
So who could they go after? Do they have money to spend and what surprise move could we see on Tyneside?
Here, as part of our series looking at Premier League clubs' January transfer plans, our Newcastle expert Craig Hope answers the five big questions.
The medium-term future of Alexander Isak and Bruno Guimaraes worries Newcastle this January
Eddie Howe's side have improved in recent weeks and have won their last three league games.
1. What do Newcastle need?
They have not signed a right winger in more than three years of Saudi ownership, and that position is the obvious area for improvement.
That being said, Jacob Murphy can't stop scoring and assisting goals from that dominance right now. But while his form is good and he is a valuable member of the team, it would be short-sighted to believe he is the long-term solution.
A right winger who consistently scores and creates can take the team to another level.
A forward, a center back and a goalkeeper are also still necessary. A centre-forward would act as a back-up to Alexander Isak as Callum Wilson's availability cannot be relied upon and is likely to leave the club on a free this summer. However, this is not a priority position internally at present.
Meanwhile, a right centre-back is seen as necessary to succeed Fabian Schar, who turned 33 this month, while a goalkeeper to compete with and eventually replace Nick Pope has long been desired.
Jacob Murphy has been in top form of late but the Magpies still need a right winger
A right centre-back is considered necessary as a successor to Fabian Schar, who turned 33 this month.
2. Do they have money to spend?
Having money to spend and being able to spend it are two very different things in a PSR world.
In theory, Newcastle could go out and spend £70m on any player they wanted in this window. However, that would leave them in default on the PSR in June, if there were no player sales to offset the outlay.
It should be noted that an outflow of £70 million would not be needed to balance the books, because that is not how the PSR works. But for some time there has been a rumor from within the club that there can be no income without expenses this January.
Furthermore, there is a feeling that not spending on this window would leave them in a much stronger position to invest in future windows; Again, this is a result of how the PSR is calculated.
For some time now, word has been spreading from within the club that there can be no entries without exits this January.
3. What players are you interested in?
Burnley goalkeeper James Trafford remains a target but is more likely to be a summer target. Similarly, a deal for Crystal Palace centre-back Marc Guehi would only be reviewed if there was an opportunity he couldn't miss next month.
Eddie Howe likes Guehi and can see his profile improving his team, but we shouldn't expect Newcastle to engage in a month-long chase, as they did in August.
There is admiration for PSV winger Johan Bakayoko but, like all potential high-value targets, sources insist he is highly unlikely to arrive on Tyneside in January.
Newcastle pursued Marc Guehi from Crystal Palace in the summer and there remains interest in him this January
4. Who could leave?
Mail Sport revealed this month that sporting director Paul Mitchell has let clubs and intermediaries know that they will listen to offers for midfielder Sean Longstaff.
The club has invoked a one-year extension on his contract (it now expires in 2026) and that was to protect the value of the academy product. Players like Leicester, Wolves and Everton are aware of his availability.
Meanwhile, there is interest in Miguel Almirón from Olympiacos, Santos, Botofago and Charlotte FC, and Newcastle would like to agree a deal worth around £10m. That would help with PSR.
Martin Dubravka could leave for Saudi Arabia at the end of the month if Nick Pope returns fit from a knee injury, but Howe is reluctant to let go of a goalkeeper who is currently his first choice.
Kieran Trippier's situation is also something to keep in mind. However, star names such as Alexander Isak and Bruno Guimaraes will remain at the club, although offers are expected come the summer.
Mail Sport revealed this month that Newcastle will listen to offers for midfielder Sean Longstaff
5. What unexpected moves should fans be on the lookout for?
The improved health of the Newcastle squad compared to last season's endless injury crisis means there is no sense of panic internally at the moment.
Even the loss of Wilson to a hamstring injury until February is considered manageable with Isak fit and Anthony Gordon as an alternative.
However, if Isak were to get injured, it would force Newcastle to throw caution to the wind and go out in search of a striker, whether on loan or with a larger, permanent investment, especially if their star man faces a long-term injury. spell aside.