The Cameroon international was set to join Rennes only for the newly-promoted Magpies to hijack their bid.
And with the French club unable to compete with the £2.5m annual wages Newcastle can offer the 25-year-old, Aboubakar, who spent last season on loan at Besiktas, looks to be St James’ Park bound.
He is unlikely to be the only new arrival this week with Eibar defender Florian Lejeune’s move on the verge of being finalised.
Newcastle have triggered the £8.7m clause in Lejeune’s contract and are willing to pay in one lump sum.
The 26-year-old Frenchman joined Manchester City from Girona two years ago before being immediately loaned back to the Spanish second-tier side.
City let him leave for Eibar in a £1.2m deal and his form last season attracted interest from both Tottenham and Arsenal though it is Newcastle who have been his keenest suitors.
Manager Rafa Benitez is looking to bring in up to eight players this summer.