Hales, who is currently at the top of the Twenty20 International rankings for batsmen, was banned from taking part in the Indian Premier League this year due to his Nottinghamshire commitments.
However, Newell has suggested that the 24-year-old will be given more freedom if the two parties settle on a new deal.
"We want to be flexible. What I said was never set in stone," Newell told reporters. "The amount of money a player who is number one in the world is going to be offered to play in that tournament means it will be very difficult [for us] to continue to take a stance.
"The IPL is a tournament played throughout April and May and, if that is the only cricket that he will play in during our summer outside of Nottinghamshire, then we will probably have to learn to live that."
Hales made his Nottinghamshire debut in 2008.