Ramirez has played just three times for the Saints in the last two seasons, and he appears to have little future at St. Mary's.
Newcastle, though, are keen to add quality to their squad in the new year, and they appanrelty feel that Ramirez would give them some added creativity.
The attacking midfielder made a decent initial impression during his first season in England, back in 2013, but he failed to build on those showings.
Since, Ramirez's time has been spent out on loan at Hull City and on the sidelines at Southampton, with chances proving hard to come by.
The Uruguayan's contract with the Saints expires next year, and Newcastle believe they may be able to get him on a cut-price deal.
If Ramirez does move to the North East, he will need to hit the ground running, as the Magpies have struggled to break down defences over the opening period of the season, and are still looking for their first win in the Premier League.