The Magpies are keen on the Everton defender.
Bournemouth's Matt Ritchie and Everton's Brendan Galloway
The Magpies are in talks with Ronald Koeman’s side about borrowing the left back for the season.
They have built extensively this summer with eight new faces arriving so far, but the left back spot is still one area they are short in.
Manchester United's Juan Mata in action with Everton's Brendan Galloway
Galloway is facing a fight for first team football at Goodison Park next season and a loan spell would be wise to help him continue his development.
However, it appears that Newcastle will have to pay big to make him a part of their squad for this season.
Everton's Brendan Galloway in action
According to the Mirror, the Toffees are demanding that they pay a seven figure sum for the 20-year-old, as well as cover his full wages for the season.
It seems that Newcastle are happy to pay though, with the newspaper reporting that they are hoping to have him in their squad later this week.
He is unlikely to be the only arrival, with Benitez also eyeing another signing alongside the Everton man.
Stoke's Xherdan Shaqiri and Everton's Brendan Galloway in action