The highly-rated 23-year-old has attracted interest from the Premier League this summer having scored 22 goals in all competitions after making a loan move from Paris St Germain permanent last summer.
Newcastle had looked at bringing in Ekitike as Liverpool considered a big-money move for Alexander Isak, who it is understood the Magpies valued at around £150million in an attempt to ward off potential suitors.
Liverpool are reportedly preparing a deal in the region of 80million euros (£69.2million), with sources close to the player indicating that Newcastle look out of the race to sign a striker that Manchester United also hold interest in.
Arne Slot’s Premier League champions have signed Florian Wirtz, Jeremie Frimpong and Milos Kerkez this summer, with Giorgi Mamardashvili linking up with the side after agreeing a move last August.