The Daily Mail reports that both clubs are interested in signing the defender on loan.
Porto want a £400,000 loan fee for the highly-rated centre-back.
The Portuguese side could decide to cancel a deal, should they sell Chelsea target Eiaquim Managala before the transfer window closes.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.