Newcastle are expected to return with an improved offer to take Liverpool's Andy Carroll on a season-long loan with a view to a permanent deal in future.
Liverpool dismissed Newcastle's first offer on Sunday night, but the Anfield club will consider a better deal.
Newcastle initially only offered to pay part of Carroll's £80,000-a-week wages.
Newcastle also wanted to pay £13m if the 23-year-old then signed a permanent deal, although the Reds are understood to want at least £17m.
The Newcastle hierarchy has retained their admiration for Carroll since he left for Liverpool in 2011.
He had initially resolved to prove himself to new Liverpool boss Brendan Rodgers but is now understood to be keen to return to his hometown club.
Carroll was not with the Liverpool squad as they left for a pre-season tour of North America on Monday having been granted an extended holiday after Euro 2012.
The England international is due to join up with the squad on 23 July, alongside other internationals such as captain Steven Gerrard and goalkeeper Pepe Reina.
West Ham co-owner David Gold has also said the Upton Park club would be interested in signing Carroll.
Carroll struggled with Liverpool until belatedly finding both form and goals towards the end of last season.
He headed the winner for Liverpool against Blackburn, while also scoring against Everton in a FA Cup semi-final win and the 2-1 loss to Chelsea in the final.
He scored for England at Euro 2012 in the win against Sweden, but appears to have fallen out of favour at Anfield.
Rodgers signed striker Fabio Borini from Roma this week, his first signing since taking over.
He is also planning contract talks to keep Uruguayan forward Luis Suarez at Anfield but has been noncommittal when talking about Carroll's future.
The striker helped the Magpies back into the Premier League with 17 league goals in the 2009-10 Championship season.
Carroll continued his promising form in the top flight in the following campaign and made his senior England debut under Fabio Capello in a 2-1 defeat by France at Wembley.
He scored 11 times in 19 league games before becoming the most expensive British player when ex-Liverpool manager Kenny Dalglish took him to Anfield.
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