The deal would see the Shakhtar Donetsk striker move on loan to St James’ Park with a view to securing a permanent £6.5m switch.
Ferreyra has refused to continue playing for Shakhtar because of the political instability in eastern Ukraine in recent months.
The 23-year-old Argentinian made just eight appearances for Shakhtar last season, but managed six goals for the team.
Ferreyra has issued an apology to the Ukrainian club’s supporters over his decision to stay in his homeland.
“First and foremost, I want to apologise to them, the president of our club, my team-mates and coach,” Ferreyra said.
“I hope what is happening in Donetsk will soon end. My family was very worried about me.”
Newcastle have already signed Siem de Jong, Emmanuel Riviere, Remy Cabella, Ayoze Perez, Daryl Janmaat and Jack Colback since the end of last season.