According to reports from The Sun, Newcastle United are hopeful of beating Valencia in the race to sign Alcacer from Borussia Dortmund in the January transfer window.
The 19-times capped Spain international joined Dortmund permanently this summer from Barcelona after impressing for the club last season on loan.
The 26-year-old has scored seven goals in all competitions this season. However, the arrival of Erling Haaland has pushed him closer to the exit door.
The report claims that the Magpies are in talks with Dortmund to sign the striker on loan this month.