Newcastle tried to sign the Dutch international from FC Twente before he opted for a move to Gladbach in 2012 for more than £12million.
The 23-year-old is now set to be made available for loan having failed to start a league game this season, and it is understood Newcastle are monitoring the situation.
Borussia board member Hans Meyer has suggested that De Jong could be allowed to leave by saying: "We will possibly loan Luuk at Christmas but definitely not to a competitor.
"Our head coach Lucien Favre has said from the start he didn't have 100% confidence in De Jong filling the striker position but I think we'll find a solution."
However, their sporting director Max Eberl was quick to reply and seemed to down play the chances, adding: "From our side, this question has absolutely not been raised.
"It's a difficult situation for Luuk, but we are just as happy to have him first in our squad as other clubs would be when they have such a player."
De Jong himself said: "I want to play for Borussia, that's my goal. If the team needs me, I'm ready. I want to play from the first minute onwards."
As well as De Jong, Newcastle are also keeping tabs on Lyon striker Bafetimbi Gomis - another player they failed to land as a deal fell through for him this summer.
The 28-year-old is out of contract at the end of the season and a move to Italy has been mooted - but Gomis appears to be standing by his stance of going on a free transfer.
"I have made it clear, I want to leave Lyon at the end of the season," Gomis said.
"This club has been great to me since I joined from St Etienne, yes the last few months has been a bit difficult but I want to help the club finish strongly this season which would also give me a chance to go to the World Cup.
"If I move to a new club my chance will be more difficult, I want to go at the end of the season."