The Frenchman was left out of QPR's squad to face Sheffield Wednesday at the weekend and is now poised to seal a return to the Premier League on a season-long deal.
Newcastle are desperate to add firepower ahead of the new campaign but had been warned by R's boss Harry Redknapp they would have to stump up £2million to borrow a player that cost £8million in January.
"We paid about £8million for him, so if someone wants to loan him for a year, we are entitled to get £2million a year for him," Redknapp said.
"Make no mistake, he will get between 15 and 20 goals next season if he goes to a Premier League club. He is a top-class player - a player for any club in the Premier League in my opinion."
A deal for Remy, who scored six goals in 14 appearances for the Loftus Road club, would represent a crucial breakthrough for the Magpies' under-fire director of football, Joe Kinnear.