The 24-year-old has been the subject of an official bid by Zenit St Petersburg and PSV are expecting Newcastle to follow up their interest with a firm offer this week.
Wijnaldum returned to training with the Dutch champions on Monday after being given extra time off following his involvement in the Netherlands’ 2-0 win over Latvia in the European Qualifiers on June 12, in which he scored the opening goal.
The versatile midfielder, who joined PSV from Feyenoord in 2011, has won 19 caps for his country and succeeded Manchester United’s Daley Blind as Dutch Footballer of the Year after scoring 14 goals in the Eredivisie.
PSV are willing to sell the player if their £15m valuation is met and the player is thought to be keen to follow team-mate Memphis Depay to the Premier League.
Newcastle are also tracking Northampton’s promising 19-year-old striker Ivan Toney.
The teenager has scored 13 goals in 29 starts for the Sky Bet League Two side and is the Cobblers’ youngest ever player.
Manager Steve McClaren arrived at the club three weeks ago and revealed on Friday he had written to the club’s supporters asking for patience as he prepares to reshape his squad.
McClaren said: “I know the anticipation is already out there and that you want to see new players coming through the door immediately. That is natural. For me as head coach, however, it is so important that the right players come through the door.
“However long that takes, I want to make sure that we have just the type of people who can come in and force us forward.”