The former Manchester City hitman was linked with a number of Premier League clubs but Leicester have won the race for his signature.
Newcastle United certainly need a centre-forward but it does not appear as if manager Rafael Benitez was involved in pursuing the Nigeria international.
With the new Premier League season just around the corner, Newcastle have only Dwight Gayle and Aleksandar Mitrovic as striking options.
And fans of the North-East club on Twitter would have loved to see the Magpies go in for Iheanacho, who scored four league goals in five starts under Pep Guardiola last season.
Trying with all my might to not be jealous of Leicester getting Iheanacho, but it's impossible.— NUFC 360 (@NUFC360) August 3, 2017
Tbf we are just promoted, 25mil would be a huge fee for us to pay— matthew (@JB4t00n) August 3, 2017
He really is class. Such a devastating finisher. Objectively looking forward to seeing how far he can progress with proper game time.— The Toon Network (@TheToonNetwork) August 3, 2017
What a signing, gutted we dont have ambition— adam thompson (@histonadam85) August 3, 2017
gutted at that— The Exiled Geordies (@NUFC_Podcast) August 3, 2017
Natural GoalScorer!In today's inflated market £50m for a FB or £25m for a out & out GoalScorer?!Citeh haven't put a buyback in for no reason— Mark500 (@MarkLawson500) August 3, 2017
I feel the exact same, what an absolute steal if he carries on the way he started at city. #baller— James Halliday (@JamesHalliday1) August 3, 2017
Fortunately for Newcastle, there is still over three weeks left in which to sign a striker - and Benitez needs one.
With this being their first season back in the Premier League, their season could well hinge on whether the Spaniard recruits a prolific goalscorer.
Mitrovic and Gayle are talented, but neither are going to get anywhere near 20 goals per season and that should be the aim for Benitez.