The 18-year-old has travelled to England to undergo a medical with United.
Rivals Manchester City are also reportedly interested in signing the youngster.
“No doubt he is a very useful player, with a good goalscoring talent,” Universidad de Chile’s assistant manager Sebastian Beccacece told Radio ADN.
“But we have to count on the players that we have available, not the ones that aren’t available.”
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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.