The German has been scouted by the Toon in the past, and Dortmund are now willing to sell the 24-year old.
The striker suffered from injury last season and has struggled to win back his place in the BVB starting line-up in 2018/2019.
He has played 15 games this campaign, starting just seven matches and scoring a measly two goals.
The German has however recently featured in BVB’s winter training camp, scoring in a friendly against Feyenoord on Friday evening.
But unfortunately for Newcastle, despite being up for sale, Philipp is valued by Dortmund at around £19m.
This means Rafa Benitez would have to facilitate a loan move if he truly wanted the forward.
However fellow Bundesliga side Stuttgart have already had a loan offer for the player turned down this month.
Some Newcastle supporters have therefore met the news with almost immediate scepticism.
Others are more optimistic, but are still aware a deal may be unlikely.
Newcastle fans react to Philipp speculation
Perfect fit then
— Chris Wright (@chrismunch1990) January 11, 2019
“#NUFC preparing loan offer for out of favour Philipp. Dortmund have already turned down one loan bid…” 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 absolute state
— Conor Bennett (@CBennett_12) January 11, 2019
If Dortmund rejected a loan approach from Stuttgart for Maximilian Philipp this month what makes them think #NUFC will succeed with another loan approach. 🙄
— Steven Johnson (@UptoonFunk8) January 11, 2019
Ik it’s not true but what a steal this would be 😂
— Ollie Morne (@ollie_morne) January 11, 2019
The problem with looking for put of favour players, is that, more often than not, they are out of favour for the simple reason that they not good enough to do what their manager wants them to.
This is just the present day version of Carroll/Kuqi, except with Mitrovic/Phillip.
— Rob Ottaway (@realrobottaway) January 11, 2019
i watch and follow Dortmund. he would be quite a signing when in form. he's 24. as long as he can stay healthy he'd be good for @NUFC. a loan with option to buy i think would suit BVB. …..what is the criteria? i think the club should truly look at this!!
— NixaMattR (@NixaMattR) January 11, 2019
Philipp price highlights Newcastle’s difficulties
The sad truth for Newcastle is that loan moves will not get them the high quality players they need.
Despite Philipp’s current woes at Dortmund, he’s a player with great potential.
The forward scored nine Bundesliga goals in 20 matches for the BVB last season and the club will be looking for high offers.
If Newcastle can only afford to loan players from Europe, the best they are going to get is inexperienced youngsters.
The club are now over a 1/3 of the way through the window and it’s already looking like it’s going to be another unproductive January.