Russian club Anzhi Makhachkala are also interested in signing the striker.
Newcastle and Swansea will battle it out with Anzhi Makhachkala in a bid to sign highly-rated striker Wilfried Bony from Vitesse Arnhem, the Daily Mirror reports.
The 24 year old striker has been prolific for Vitesse Arnhem, scoring 46 goals in 63 games and it is these goal scoring skills that have attracted the Premier League clubs.
Bony is understood to prefer a move to the Premier League and does not fancy a move to Russia at the moment, although Anzhi does have plenty of money available to try and persuade Bony.
West Ham are also thought to be interested in Bony but the Hammers have recently spend £15.5 million on Andy Carroll and their interest has waned.
The club are also waiting to hear from Chelsea to see if their move bid for Roman Lukaku has been successful.
It looks like it may end up being a straight fight between Swansea and Newcastle and with both clubs having submitted bids, Bony may have to choose a new club very soon.
Newcastle boss Alan Pardew is desperate to re-enforce his attacking options this summer, with the Magpies having an uncomfortable brush with relegation last season.
If Swansea are successful, the signing of Bony could be seen as a replacement for Michu, who has been linked with a move away from the club.