Since signing for the Magpies in 2016, Gayle has been a regular in Rafael Benitez's first-team squad, while he has made 20 appearances in the Premier League during the current campaign.
However, the 27-year-old continues to attract interest from the Championship and according to The Guardian, Fulham could make an approach for Gayle before the end of the month.
Key midfielder Tom Cairney has been linked with a move to the Premier League and should the Scotland international leave Craven Cottage, the West Londoners would have funds available to sign a striker who could be worth as much as £15m.
Gayle may decide to remain in the top flight with Newcastle, but Fulham head coach Slavisa Jokanovic would be willing to make the player his first-choice attacker.
Last season, Gayle scored 23 goals in the second tier of English football.