According to a report from the Chronicle, Newcastle may not have the budget to be able to compete for Kenedy's signature with Chelsea looking for £20 million before they sell the Brazilian while Rafa Benitez has other concerns to address.
The Magpies are preparing for a hugely important summer after registering a top-half finish in their first season back in the Premier League. It seems unlikely that the Toon Army will be getting carried away or complacent following the campaign that they have just enjoyed, but the fans will certainly be hoping that the club show some ambition to build on the progress that Benitez has made.
Martin Dubravka has now joined permanently, but perhaps a fellow loanee may not be making a similar move to St James' Park this summer, with the Chronicle reporting that Chelsea would prefer to sell Kenedy rather than loan him out, and the Blues are said to want £20 million for a deal.
Not only would such a move break Newcastle's transfer record, but it seems that it would also prevent Benitez from sorting some of his other priorities for this window, with the Chronicle suggesting that the Newcastle boss wishes to land a new striker.
The Chronicle adds that that desire to sign a goalscorer means it is looking highly possible that Newcastle will not have the funds to compete for Kenedy's signature - and they may perhaps be left to hope that his asking price scares off some of his other admirers.
It would be a huge boost for Newcastle if they managed to get Kenedy back this summer as he was a superb signing for the Magpies in January, playing a crucial role in their dramatic upturn in form that left them nowhere near the bottom three as the business end of the campaign started to kick in.
If that form is a sign of things to come, then £20 million is arguably a major bargain in today's game, but Benitez may now have to weigh up whether it is too much of a gamble given the budget he is working with.