The highly rated playmaker has also been linked with Tottenham, but The Telegraph are reporting that Newcastle have made the first move to sign the player.
Maddison is one of the best attacking midfielders in the league, and he would be a superb addition to the Newcastle side.
The Magpies have offered £40m for the playmaker, but Leicester have turned it down. Newcastle plan to return with an improved offer.
Leicester are under financial pressure right now, and many of their first-team players like Youri Tielemans and Wesley Fofana have also been linked with exits.
It will be interesting to see if the Foxes decide to cash in on Maddison before the window closes.
The 25-year-old scored 18 goals across all competitions last season, and he has the potential to develop into a top-class player.
Newcastle have considerable resources at their disposal and should be able to offer a lucrative package for the midfielder. They are the richest club in the world following their takeover.
Meanwhile, Maddison might be tempted to be a part of Newcastle’s ambitious project. It will be interesting to see how the situation evolves over the next few weeks now.
Newcastle have done well to bring in quality players like Bruno Guimaraes, and Sven Botman in recent windows, and Maddison would be another game changer for them.
They will be looking to secure European football next season, and Maddison could certainly help them make the step up.