Newcastle have withdrawn their interest in Dominic Calvert-Lewin due to the cost of the deal, talkSPORT understands.
Eddie Howe is a long-time admirer of Calvert-Lewin and tried to sign him two summers ago.
The 27-year-old is in the last year of his Everton contract and Newcastle believed he could be available for a minimal fee.
Newcastle must sell before they can add reinforcements to their squad this summer.
Despite the striker's contract approaching its expiry date, Everton are not expected to let Calvert-Lewin leave cheaply.
The cost of the deal proved too much for the Magpies and they have now withdrawn their interest.
Newcastle are believed to have sounded out the Everton hitman in preparation for the departure of Callum Wilson, who is attracting interest from West Ham and Saudi Arabia.
Despite enduring a frustrating season due to injury, Calvert-Lewin featured 38 times for the Toffees.
It also means that Yankubah Minteh is now unlikely to go to Everton in the opposite direction, with Lyon in the box seat.
There will be plenty of transfer business at St James' Park, but Newcastle are determined to retain Bruno Guimaraes and Alexander Isak.
Guimaraes has a £100million release clause in his contract which expires tonight and, despite interest from Manchester City and PSG, the Magpies are not expecting anyone to activate it.
As talkSPORT revealed in April, Isak has held talks over signing a new contract at St James Park and talks are believed to be progressing positively.
Striker Wilson, England defender Kieran Trippier and midfielder Sean Longstaff are other players who could be set to cash in ahead of the star duo Guimaraes and Isak.