The Magpies are known to be on the lookout for a new striker after reluctantly selling Demba Ba to Chelsea.
Alan Pardew is keen to get reinforcements on board as quickly as possible, and is looking to achieve the best value for money.
The French market has been kind to Newcastle in the past, and they are casting an eye in that direction once again - with Marseille's Loic Remy also believed to be in their thoughts.
St Etienne have no intention of doing business, though, with the Ligue 1 outfit confident that Gabon international Aubameyang will not be making his way to England any time soon.
"There is a lot of talk about many strikers and Newcastle, but Aubameyang will finish the season with us," St Etienne vice-president Dominique Rocheteau told RMC.
"In football nothing is 100 per cent certain, but we plan on keeping him."