Belgium's Michy Batshuayi scores at Euro 2016
For weeks West Ham have been favourites to land the Belgian, but their odds have slipped to 8/1, making them now third favourites with Everton in second.
Newcastle are 3/1 favourites to sign Batshuayi, with Everton listed at 6/1.
Chelsea's Michy Batshuayi scores
Why the shift in odds?
Newcastle's interest in Batshuayi emerged last week, with The Mirror reporting manager Rafa Benitez is hoping to sign the striker on loan.
Batshuayi could be available after starting just one Premier League game last season following a big money switch from Marseille.
The shift has also come about because previous favourites West Ham appear to be focusing on Kelechi Iheanacho.
The Nigerian has been tipped to leave Manchester City and the Hammers are 1/4 favourites.
SkySports report West Ham have submitted an offer for the Nigerian, and if they are successful in getting him, their interest in Batshuayi will fade, enhancing Newcastle's prospects of doing a deal.