The 25-year old is out of contract at the end of this season and is emerging as one of the most sought-after free agents of the summer.
Kelly has put in a string of strong performances for Andoni Iraola's side so far this season, and has been courted by clubs both domestically and abroad.
AC Milan, Monaco and Stuttgart are among the clubs understood to have made proposals so far for Kelly who can play at left-back and centre back while there is further interest across Europe and in the Premier League.
Liverpool and Tottenham were reportedly interested during the January window and could maintain that going into the summer.
Newcastle were hampered by financial restrictions in January but will be free to buy again from July and are also assessing the market to see what bargains are available.
Kelly fits that profile and is well known by manager Eddie Howe from his time in charge at Bournemouth.
An ankle ligament injury meant he only played nine times under Howe however Kelly has gone on to make 119 appearances for the Cherries, scoring two goals and registering seven assists.
Howe considered a move for Kelly's teammate Philip Billing last month and that could come back into play also in the summer with Joelinton's wage demands likely to result in his exit from Newcastle.
However Newcastle's current financial situation could force them to cash in on a number of high profile stars when they can.
Billing looks an attractive replacement, and could cost Eddie Howe's side around £15m.
Indeed it was reported the Magpies recorded losses of £73.4m earlier this week when announcing their latest financial results.
Should they qualify for Europe again this season, the club's financial situation would be greatly improved.
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