The English striker has adapted well to life in the Premier League, hitting 12 goals in 33 appearances across his first full campaign in the top flight, and is unsurprisingly understood to be attracting interest from a number of clubs.
Among his suitors, according to the bookies, are the Toon Army, who sold Toney to Peterborough United back in 2018 for around £350,000.
The Magpies are currently priced at 4/1 to lure him back to Tyneside, with West Ham following close behind at 6/1.
Arsenal are priced at 8/1, while Manchester United are at 10/1. Further down the pecking order still are Leicester City (16/1), Aston Villa (18/1), Crystal Palace (20/1), and Everton (22/1).
Elsewhere, Newcastle are also leading the race to sign Man United goalkeeper Dean Henderson by a considerable margin in the eyes of the market.
The England international is widely expected to leave Old Trafford this summer as he seeks first team opportunities elsewhere, and bookmakers are increasingly convinced that his next destination will be St. James’ Park.
At the time of writing, Eddie Howe’s men are priced at just 1/20 to wrap up a deal for the stopper.
By contrast, their nearest rivals, Tottenham Hotspur and newly-promoted Bournemouth, are priced at 20/1, while Crystal Palace, Fulham, and West Ham are all at odds of 25/1.
Further back still, Brentford are priced at 28/1, while Championship trio Middlesbrough, Nottingham Forest, and Watford are rank outsiders at a massive 33/1.