Radio Cadena Ser reports that the Old Lady are keen to make a move for Krkic as the striker could be set to leave Barcelona, due to a lack of first-team action at the club.
Inter Milan and Arsenal are also reportedly interested in the 20-year-old hitman.
Reports claim Barcelona coach Pep Guardiola is keen to keep the striker at the club.
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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.