The Brazilian centre-back is currently in the final six months of his contract with the reigning La Liga champions and is free to negotiate a pre-contract agreement with clubs outside of Spain.
However, it has been reported Newcastle want to make the 32-year-old the fourth defensive addition of the January transfer window.
The Magpies recruitment drive began with the £12million move for Felipe’s Atletico team-mate Kieran Trippier and they went on to complete a double defensive swoop on deadline day.
Aston Villa left-back Matt Targett completed a loan move to St James Park and that was followed by the completion of a £13million deal for Brighton star Dan Burn.
With the final hours of the transfer window now approaching, reports in Spain suggest Newcastle have made an enquiry for former Porto and Corinthians defender.
Spanish outlet COPE have suggested Atletico have lined up Barcelona’s French centre-back Clement Lenglet as a replacement for Felipe if the late move to Tyneside comes to fruition.
The Magpies were expecting defensive departures after Ciaran Clark and Jamal Lewis were linked with loan moves to Middlesbrough and Birmingham City on deadline day.
But it has been reported both players have rejected moves and are now in danger of missing out on a place in Eddie Howe’s 25-man Premier League squad.