The 17-year-old is reportedly concerned about how many chances he'll get for the Hammers next year.
The 17-year-old has been attracting interest from Arsenal, while Manchester City and Manchester United have both made £8m bids, The Sun reports.
As well as his clear potential, their interest appears to be somewhat down to his reportedly ongoing contract situation with the Hammers.
The Sun claims that while Oxford recently denied suggestions that he turned down a new deal with the Irons, he has concerns about how many first-team opportunities he will get for Slaven Bilic's side next season.
Should those concerns ultimately prevent the centre-back from signing a new deal, the Magpies may feel that they have an excellent chance of being successful with a move of their own.
Their relegation to the Championship may allow Rafael Benitez to give players who are not quite the finished article, but have bags of potential, the chance to lead the side back to the top flight.
And with Oxford being one of the most highly-rated players coming through in England currently, it would surely be easy for the Spaniard to assure the prospect that he would feature regularly should he move to St James' Park.
Though the youngster may have struggled for game-time this past season, he hinted that he will soon be ready to shine at the highest level.
On the opening day of the campaign, he was handed his Premier League debut by being selected in the unfamiliar position of holding midfield for West Ham's trip to Arsenal. However, he shone at the Emirates, keeping the likes of Mesut Ozil and Aaron Ramsey quiet and helping his side clinch a surprise 2-0 win.
But while that performance confirmed that he had Premier League quality, he may decide that temporarily dropping down a division could be a great move for his career.