It has been reported that Newcastle will monitor the Republic of Ireland international striker in the opening weeks of the season.
According to the report, Ipswich are keen on keeping hold of McGoldrick and will not part company with the 28-year-old striker unless a very significant transfer fee is offered.
McGoldrick scored four goals and created 12 chances in 23 Championship appearances for Ipswich last season.
During the 2014-15 campaign, the former Nottingham Forest man scored seven goals and created 35 chances in 27 league matches for the Tractor Boys.
Newcastle will feature in the Championship this season after getting relegated from the Premier League at the end of the 2015-16 campaign.
Rafael Benitez’s side will start the season as the favourites to win the league title and gain automatic promotion to the Premier League.
General view outside St James' Park