The Holland international is a key target for the Magpies, but is also wanted by Italian champions AC Milan.
According to the Daily Mail, Newcastle still feel they can get a deal done, as they believe Botman wants to play in the Premier League.
The likes of Tottenham and Manchester United are also circling, but neither are firming up their interest at present.
Reports in the Italian media have stated that a deal between Botman and Milan is almost done.
Newcastle will be hoping to resolve the situation quickly, allowing them to move onto other targets if necessary.