Anthony Gordon has, of course, already completed his £69m move to Barcelona and that was disappointing enough for those on Tyneside. Fast-forward a few weeks, and they're now set to lose Sandro Tonali after Fabrizio Romano revealed a deal has been agreed with Tottenham on Wednesday evening.
The fee for Tonali will be a whopping £92.5m plus a further £7.5m in add-ons, reports Romano, and the player has agreed to the move.
It's the stuff of nightmares for the Magpies, but as Spurs come swooping in for Tonali, Newcastle are attempting to land instant revenge by signing Archie Gray,
Football FanCast's Verdict
Credibility
For Newcastle, a deal to sign Gray would be perfect timing. They desperately need to sign a midfielder as Tonali heads for the exit door and the Italian's arrival at Spurs could leave the door ajar for Gray to make a move, himself.
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Finances
It remains to be seen just how much Spurs value Gray, but they'll know how much Newcastle have to spend fresh from handing them close to £100m for Tonali. That could increase the youngster's price-tag.
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Insight
At 20 years old, Gray is still one of the best young midfielders in the Premier League. He's an all-rounder in the middle of the park and can also fill in at right-back and even centre-back. At a time when Newcastle are being ripped apart, they could solve multiple problems at once.
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Impact
It would be 1-1 as far as Newcastle and Tottenham are concerned if the Magpies signed Gray whilst losing Tonali. In the long-term, it may even be Eddie Howe's side with the upper hand, given the midfielder's potential.
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The battle is far from over between the two Premier League clubs and Romano has now shared a fresh update on what Tonali's move means for Gray.
As reported by the transfer guru on social media, Newcastle are not giving up on signing Gray even after seeing their first offer rejected by Tottenham.
Indeed, he claims the deal is separate to Tonali and the Magpies "remain interested" even though Spurs' stance is still the same.
PIF have been pushed around far too often in the transfer market over the last 12 months and they're not ready to end their pursuit of Gray just yet.
The young midfielder could be the perfect replacement.
Losing Tonali could be blessing in disguise for Newcastle
It may sound absurd, but it may not be all bad for Newcastle as they lose Tonali. Their budget would increase even further and if they get their recruitment right, Howe could have a far more complete squad at his disposal.
And it must be Gray who arrives. The versatile Englishman has the potential to become even better than the Newcastle man and, paired with Lewis Miley, would create the best young partnership in the Premier League.
"I just think he's a fantastic player. I'm so pleased he's at this football club. He's a fantastic kid as well. He just wants to learn, no task is too much for him, he tackles everything with a real kind of calmness that belies his years." - Ange Postecoglou on Gray
There is, of course, plenty of work to be done before Gray's arrival can become a possibility, but Spurs' monster payment for Tonali and improvement of their own midfield depth should only aid Newcastle's pursuit.