The deal would represent United’s only realistic chance of securing a fee for Lingard, who is out of contract in June. United obtained a £1.5million loan fee from West Ham for Lingard, 29, last January.
Newcastle would also cover the entirety of Lingard’s £100,000-a-week wages for the rest of his United contract.
Lingard, who is not in the United squad for tonight’s game at Brentford due to an ankle injury, is yet to commit to the move and is still believed to favour a return to London.
Tottenham are interested in signing Lingard permanently in the summer and United are unlikely to bolster a rival that is above them in the Premier League with two games in hand.
West Ham wanted to sign Lingard permanently in the summer after he scored nine goals in 16 games for the club but United trail the David Moyes’s side by five points in the challenge for the final Champions League qualifying place. United host fourth-placed West Ham on Saturday.
Lingard and United had expected the forward to remain at the club beyond the January transfer window but Newcastle’s proposal would benefit all parties.
Newcastle would offer Lingard, without a Premier League start for United since New Year’s Day 2020, regular playing time as he strives to return to the England squad for the March internationals ahead of the World Cup in November.
With no option to buy, a possible upturn in form would also strengthen Lingard’s bargaining hand to secure a more attractive move in the summer when he is a free agent, irrespective of whether Newcastle avoid relegation.
Lingard has only started twice for United this season and his lack of opportunities under former manager Ole Gunnar Solskjaer baffled the player and his teammates.