Newcastle intend to try again for Watford striker Joao Pedro.
The Championship club insist the Magpies' initial £20million bid is nowhere near their valuation.
Hornets boss Rob Edwards has hinted they are ready to sell Pedro with him rated at around £35million.
Newcastle saw an opening move for the 20-year-old rejected but hope a second offer will bring them to the negotiating table.
Edwards said: “The bid that has come in is not anywhere near the level we'd expect it to be for him.
“If anything else was to come in again, then we'll sit down and talk about it as a club and as a board."