The England under-21 international was a revelation while on loan at Bristol City last season, firing home 26 goals in the Championship, and there are a host of clubs forming an orderly to try and strike a deal.
Newcastle are one of them, while there is also interest from fellow Premier League sides Brighton, Leicester City and Everton.
Chelsea are keen to get the player tied down to a new long-term deal and have ruled out a permanent deal, but they are open to the idea of a loan switch so he can get some regular game time under his belt.
It has been claimed that Newcastle are leading the race as they are willing to pay the £25,000 a week the player picks up at Stamford Bridge, and will also match Chelsea’s loan fee valuation.
Reports in the past have also claimed that Arsenal are sniffing around and could try and take him on a permanent basis, an idea that Chelsea will not entertain.