Although a formal bid has not been made yet, the Magpies are expected to submit a proposal soon. The move is part of Newcastle's efforts to strengthen their squad for the upcoming season.
Newcastle manager Eddie Howe is a fan of Pedro, having considered him during his time at Watford. Howe wants to sign Pedro to help ease the workload on senior centre-forward Alexander Isak.
With Champions League football likely next season, Newcastle does not plan to sell Isak this summer. The team aims to maintain its current squad while making targeted additions.