Rangers will need to pay a seven-figure loan fee and cover the wages of Jacob Murphy in order to complete a transfer to Ibrox, according to reports.
Football Insider are claiming that Steven Gerrard's side will need to pay over £1 million to bring Murphy, reportedly a transfer target for Nottingham Forest.
Murphy has also been linked with a move to Derby County, Stoke City and Middlesbrough as well as Sabri Lamouchi 's Reds.
Sheffield Wednesday, where Murphy spent on last season on loan, have also expressed an interest in bringing the 25 year-old back to Hillsborough according to Football Insider.
Murphy scored nine goals and registered six assists for Wednesday last season, his second loan spell away from Newcastle in the last 18 months.
The former Norwich City man, who is into the final year of his contract at St James' Park, ended the 2018-19 campaign on loan at West Bromwich Albion.
Last week, Newcastle boss Steve Bruce said he will wait two or three weeks before making a decision on the future of the boyhood Magpies fan.
"I'm just going to take my time with him and have a look and see what the next step is for him, because he has had a successful loan in the Championship last year," he said.
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"He looks as if he's developed physically a little bit over the last 12 months or so. We'll see what he does over the next two or three weeks in particular."
Murphy has only made 34 League appearances for Newcastle since he signed for the club in 2017.
In the Championship, Murphy has made 91 career appearances, scoring 21 goals and registering 16 assists.
