Perez has been frozen out of the first-team picture at Arsenal and has made no secret of his desire to leave north London just a year on from his arrival from Deportivo La Coruna. The 28-year-old favours a return to Spain with his former club eager to offer him that route, although the Gunners are understood to be holding out for a €15m fee.
Newcastle's need for a new centre forward has deepened in recent days with Dwight Gayle now on the brink of a move to Fulham which will reportedly see the club bank £15m.
The Daily Telegraph report Newcastle have now renewed their efforts to sign Perez as a possible replacement for the former Crystal Palace star, although the player's preference is still to return to his homeland.
Rafa Benitez has bemoaned the club's failure to sufficiently back him in the transfer market and wants to make four more signings before tonight's deadline. According to Sky Sports, the Spaniard has now turned to Southampton youngster Targett to try and fulfil those plans.
21-year-old Targett would appear to have a long-term future at St Mary's after signing a new five-year contract earlier in August. But Newcastle appear ready to offer him the chance to nail down a regular first-team role on Tyneside this season however, having made just eight appearances for the Saints last term due to hamstring injuries.
Benitez has cut a frustrated figure this summer with owner Mike Ashley having not delivered on his pledge to commit "every penny" made from earning promotion from the Championship on improving the squad. Christian Atsu, Florian Lejeune, Jacob Murphy, Javier Manqueillo, Mikel Merino and Joeslu have arrived so far but further additions were expected.