Newcastle United are unlikely to pursue a permanent deal for Kenedy this summer - unless there is a dramatic drop in price from Chelsea.
The left-sided Brazilian player has had a deeply disappointing second stint at United after arriving at the club last summer.
United chiefs were desperate to make a big thing of Kenedy's loan signing last summer but the move has been a failure.
Kenedy has not been in the squad for the last three matches and has made just 14 starts this season, netting one goal in the 3-2 defeat at Manchester United.
Chelsea want an eye-watering £30million to make the deal a permanent arrangement but with just a year left on his contract at Stamford Bridge, United don't see any value in buying Kenedy at that price.
Given he has had such a poor campaign, the Toon hierarchy are keen to plough the money into other areas of the squad.
Kenedy has missed a clutch of games through injury this season, including the FA Cup tie at Blackburn when he sat out because of a toenail problem.
Speaking about his form back in November, Kenedy told the Chronicle: "I am here to help the team with crosses and assists.
"But I know my job is to work hard.
"The Premier League is a very fast league and I know I will be required to contribute to the offensive and defensive side of the game.
"I will be back and forth."
However, Kenedy has managed just one solitary assist - against Bournemouth - this term and the South American has not started a Premier League game since the 4-0 hiding against the Liverpool on Boxing Day.
Newcastle United eyeing end of season cash windfall as talks to sell Achraf Lazaar get underway
