Okereke scored or made 22 goals in 30 Italian Serie B games this past campaign, prompting Newcastle and Wolves to 'weigh up summer bids'.
Other clubs, including Inter Milan and West Ham United, have also been credited with an interest, however, while the 21-year-old could still have top-flight football to look forward to with Spezia next season.
And Spezia will demand at least £8 million even if they remain in the second tier, The Sun reports.
Crystal Palace are said to have looked at Okereke in the January transfer window, before opting against a mid-season move.
The Nigerian is seemingly not the only attacker being pursued by Newcastle and Wolves, with Salomon Rondon - who spent last season on loan to the Magpies from West Bromwich Albion - also a target, according to The Daily Mail.
Would Okereke be a good addition for Newcastle United / Wolverhampton Wanderers?
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