Carroll may not be heading back to Tyneside.
Newcastle have revealed that they will not spend more than £10 million on striker Andy Carroll the Sunday Express reports.
A move back to his former club is preferred by Carroll but Newcastle look set to be priced out of a move for the England international.
West Ham had a £15 million bid accepted by Liverpool and are currently in discussions with Carroll about making his loan move permanent.
The striker spend last season at Upton Park but is thought to be reluctant to move their on a permanent basis and instead wants to move back to the North East with the club he made his name.
Newcastle boss Alan Pardew is interested in bringing Andy Carroll back to Newcastle and linking his with Papiss Cisse but the Newcstle board will not spend more than £10 million on Carroll.
Liverpool are unlikely to accept a bid of less than £15 million for Carroll who they signed for £35 million meaning they are already losing £20 million.
The Reds paid a record transfer fee for a British player when they signed Carroll and want to re-coup as much of that money as possible to fund their own activities in the transfer market.