The News of the World says Toon boss Glenn Roeder would be delighted to get the Blues striker on a temporary basis in January.
A Geordies source told The News of the World: “Newcastle are thinking of making a move for Shevchenko if Chelsea are serious about letting him go on loan.
“It’s a deal which would benefit both clubs.
“It would help out the striker situation at Newcastle and allow the player to adjust to life in the Premiership without playing for one of Chelsea’s title rivals.”