Lancashire Live have reported the former England Under-21 stopper has agreed personal terms over a deal to join Championship club Preston North End.
The move would bring an end to Woodman’s nine-year stay on Tyneside as he moves into the final 12 months of his current Magpies deal.
Joining United from Crystal Palace in 2013, Woodman was seen as one of the club’s brightest prospects and that belief was further enhanced by impressive performances during loan spells with the likes of Kilmarnock, Aberdeen and Swansea City.
First-team opportunities on Tyneside were limited by the form of first-choice goalkeeper Martin Dubravka - although Woodman did start the first four games of last season following injuries to the Slovenian international and fellow stopper Karl Darlow.
Woodman spent the second half of last season on loan at Championship side Bournemouth but made just one start in an FA Cup fourth round defeat against National League club Boreham Wood.
The 25-year-old now looks set to return to the second tier after a permanent move to North End was reportedly agreed over the last couple of days.
Ryan Lowe’s side made their move following interest from Championship rivals Birmingham City and the deal could be completed next week when Woodman is expected to undergo a medical.