Perez joined Arsenal from Deportivo in the summer of 2016 for a transfer fee reported by BBC Sport to be worth £17.1 million.
The 28-year-old failed to make a massive impact at the Gunners last season, as he was able to make only two starts in the Premier League.
Perez’s agent, Rodrigo Fernandez Lovelle, has suggested that the North London outfit are asking for too much money in order to part company with the 28-year-old forward, stating that the ideal value of Perez is €12 million (£10.87).
“Lucas wants to play but it depends on Arsenal,” Lovelle told Goal.com. “Arsenal want more [money].
"We want to leave but if there is no agreement he has a contract with Arsenal. The ideal price is about €12m (£10.87m).”
Newcastle will play in the Premier League this season after winning automatic promotion from the Championship at the end of the 2016-17 campaign.