The Chelsea striker enjoyed a stunning loan spell at Championship side Bristol City, scoring 26 goals in all competitions.
Newcastle, Brighton, Everton and Leicester have been alerted to his talents and are all apparently keen on securing his signature.
However, The Daily Mail claim Newcastle have won the race to sign the England Under-21 international striker.
It is said Magpies boss Rafa Benitez has struck a deal with the Blues after convincing the 19-year-old to join.
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Newcastle are expected to complete a season-long loan move for Chelsea striker Tammy Abraham by this weekend.
Rafa Benitez, who managed Chelsea during the 2012-13 Premier League season, was apparently able to strike a deal due to his close relationship with Blues technical director Michael Emenalo.
Chelsea view Abraham as a star of the future and supposedly plan on offering him a long-term contract before he departs for his loan spell at St James' Park.
Abraham would be keen on trying to push himself into the first-team frame at Stamford Bridge, but the Blues cannot guarantee him regular game time.
Newcastle are on the verge of signing Chelsea striker Tammy Abraham on loan
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This will come as a blow to Brighton, Leicester and Everton – who were all keeping tabs on Abraham.
Newcastle have already been making waves in the transfer window by striking a permanent deal for Christian Atsu, who impressed during their title-winning campaign.
He has signed a four-year deal for a fee of around £6.2million.