Though Jimmy Floyd Hasselbaink has previously spoken of wanting to keep the centre-back as he prepares for his first full season in charge at Loftus Road, the Record claims that the Hoops' board are ready to let the one-time England international leave the club in some capacity as they seek to bring down costs.
And while Celtic boss Brendan Rodgers is interested in a reunion with the defender that he signed on loan when he was in charge at Swansea, it is Rangers' Championship rivals that have the upper-hand in the race as the Record states that they are capable of paying all of his £30,000 a week wages.
Caulker has endured a fairly miserable spell over the last few years so may appreciate the opportunity to join Rafael Benitez's side as they are understandably one of the big favourites to secure automatic-promotion back to the Premier League.
The 24-year-old went on loan to both Southampton and Liverpool last season but failed to make much of an impact for either club - his final appearance for the Saints came in the 6-1 League Cup thrashing at the hands of the side he would join just one month later, while he was predominantly used as a striker during his time at Anfield - and had to endure the heartbreak of relegation from the top flight in the two seasons before that.
But a move to St James' Park should allow Caulker to once again prove why he has been so highly-rated in the past. Newcastle are arguably lacking depth when it comes to experience at the heart of their defence, so the former Cardiff City man may reflect on a potential move to Tyneside as an opportunity to cement himself as a key man in a team that clearly has enough quality to go on and achieve much better things.