The 22-year-old had previously looked set to move to Hamburg after spending a season there on loan from Hertha Berlin - but the German clubs have hit a snag in negotiations over the asking price.
Those demands may well benefit Newcastle, as Hamburg general manager Oliver Kreuzer has told Bild:
"They [demands of Hertha Berlin) are completely non-realistic and definitely unreasonably high.
"It's almost off the roof. We should be able to agree a more realistic package given the contract situation of the player."
The way could be paved, then, for Newcastle to bring the striker to St James' Park. The club have been on the lookout for a new forward for some time, with Loic Remy and Luuk de Jong leaving Tyneside after their loan spells had ended, while Shola Ameobi has been released.
Ayoze Perez joined the Magpies earlier this month but Alan Pardew is targeting further additions up front.
"The key signings, the strikers, are obviously the toughest ones to get over the line," the Magpies boss said recently. "They kind of hedge their bets a little bit and we have got a little bit of that going on.
"We’re doing everything we can at the moment to be in the loop with the ones that we want to be in the loop with. Hopefully, we will get the signings we want."
Enner Valencia has been linked with a move to St James' Park but Newcastle face competition from Tottenham and Everton.
News of Lasogga's asking price putting Hamburg off is thus very welcome for Pardew and owner Mike Ashley, although it will be up to the club to bid the £10m their German rivals seem so unwilling to pay.