The Manchester United goalkeeper is reportedly open to the idea of a loan move to St James' Park.
Newcastle no.1 Krul was injured during international duty with the Netherlands and subsequently ruled out for the rest of the season.
And Valdes has been frozen out by United boss Louis van Gaal at Old Trafford, leading to many suggesting the Spaniard as the perfect solution for the Magpies.
In response, Newcastle fans have offered some very contrasting responses on Twitter...
Indeed, some say they would take the Manchester United 'keeper in a 'heartbeat.' Others would prefer to give youngster Freddie Woodman a chance.
For some Newcastle supporters, meanwhile, it's not an issue of whether the 33-year-old would be a good fit, it's whether he would actually leave United for the St James' Park outfit in the first place.
It's very rare that a Champions League and World Cup winner could be available simply as injury cover and, ironically, Newcastle could end up with a better goalkeeper to battle relegation than their usual no.1 (although that's debatable).
Here's a selection of the fan reaction to the report - should Steve McClaren and co move for the Manchester United stopper?
Can #NUFC just get Valdes on an emergency loan please!— Kieran Rivero (@KieranRivero) October 13, 2015
Valdes to #nufc seems like a sensible idea to all 3 parties right now. Be interesting to see if it'll happen. Would be very welcome.— Jack Booth (@jackbooth12) October 13, 2015
#NUFC to move for Victor Valdes? HA. Thanks needed that, been a long day...— Jon Yarker (@Jon_Yarker) October 13, 2015