Arsenal are considering offloading Gibbs, as they feel his first-team chances will be limited next season.
The Gunners have signed Sead Kolasinac this summer, and Nacho Monreal is already ahead of him in the pecking order.
Newcastle are looking to capitalise, and are willing to spend a sizeable amount on bringing Gibbs to St. James’ Park.
Newcastle are keen to add another left-back this summer, with Paul Dummett currently their first-choice in that position.
Dummett is a solid option, but Rafael Benitez is keen to bring in Gibbs, who could have a key role to play.
Newcastle have already made one signing this summer - bringing in Cristian Atsu from Chelsea.
Atsu’s arrival is expected to be the first of many on Tyneside over the coming weeks.