Newcastle United have until Monday night [29 January] to meet Feyenoord's demands for striker Nicolai Jorgensen before the Dutch side pull the plug on negotiations.
The Magpies have already seen two offers, said to be worth £14m ($19.6m) and £15m respectively, rejected by Feyenoord for Jorgensen, who has scored nine goals in all competitions for the Rotterdam club so far this season.
PA Sport claimed last week that Newcastle owner Mike Ashley was prepared to sanction an offer for the striker that, if successful, would see the club break their transfer record and surpass the £16m paid to Real Madrid for Michael Owen 13 years ago.
According to The Times however, Feyenoord are holding out for £20m for the Denmark international.
Feyenoord are ready to sell if that figure is met – with manager Giovanni van Bronckhorst admitting the club will struggle to retain any player when a Premier League side comes calling.
But Newcastle may now be running out of time, with De Telegraaf, via the Chronicle, reporting they are quickly approaching a deadline over a prospective deal. Newcastle managing director Lee Charnley remains in talks with the Eredivisie side but has been told that unless a breakthrough is reached tonight; then Feyenoord will call a halt to negotiations.
Jorgensen has remained committed to Feyenoord throughout the speculation over his future but manager Van Bronckhorst admits the opportunity to move to Newcastle has turned his head.
"I do not know what my feeling is, I have no feeling, I'm just waiting, I cannot do more," he said after the 3-1 league win over ADO den Haag during which Jorgensen played 83 minutes, according to The Chronicle.
"I talk to Nico on a daily basis and Nico has shown how important he is to this team today. We know how things stand and we'll have to wait and see how the coming days will go.
"You do not have to ask Nico (what he'd do) if you get the chance to go abroad to play in the biggest competition in the world. But Nico is also dependent on the club and he knows that - even if he wants to go there."
Newcastle have made just one addition to their squad during the January transfer window so far, with Brazil youth international Kenedy arriving on loan from Chelsea.