Newcastle set to rip up cautious transfer approach and break bank with Declan Rice among four ‘elite’ signings targeted

NEWCASTLE are set to abandon their cautious approach to the summer transfer market by signing four "elite" stars, according to reports.

A massive outlay of around £250million across the last three transfer windows gave rise to the club's owners wanting to err on the side of caution to stay within Financial Fair Play (FFP) rules.

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However, the rapid progress made under Eddie Howe has seen this plan scrapped.

According to , Howe and director of football Dan Ashworth put an argument to the owners that now was the time to be bold and consolidate their progress.

This argument has won out, with sources both inside and outside of the club said to be anticipating a rise in revenue streams thanks to European Football.

With this, Newcastle's new aggressive strategy will see them target at least four elite stars.

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The Telegraph name as many as 16 players being discussed by the club, including 11 stars currently in the Premier League.

Among these are long-term target James Maddison, the highly sought-after Declan Rice and Brighton duo Moises Caicedo and Karou Mitoma.

Ivan Toney, Kieran Tierney, Scott McTominay, Harvey Barnes, Jarrod Bowen, Kalvin Phillips and Conor Gallagher are other domestic stars who have been earmarked.

Meanwhile, they reportedly admire Napoli duo Victor Osimhen and Khvicha Kvaratskhelia, while Marcus Thuram, Gabri Veiga and Moussa Diaby are also on their radar.

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These plans could hinder a number of clubs in the summer, particularly the likes of Arsenal, Manchester United and Chelsea, who have been linked with a number of the stars mentioned.

Just one player has left for serious money since the club was brought out by Saudi Arabian's Public Investment Fund (PIF), that being Chris Wood for £12m.

The Toon currently sit fourth in the league with a three-point gap to fifth-place Tottenham, who have also played a game more.