Villarreal coach Unai Emery's contract carries a buyout clause.
The Daily Mail says Newcastle have a number of high-profile targets in mind as they eye their next appointment.
One of them is former Arsenal boss Emery, who guided Villarreal to Europa League glory over Manchester United last season.
The Newcastle hierarchy have now discovered that Emery has a release clause in the region of £7m.
That means there could be an outlay of £15m if they were to sack Steve Bruce and replace him with the 49-year-old tactician.
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